Mexico Congress to Cut Taxes on Pemex, Senator Says

Mexican legislators agreed to reduce taxes on Petroleos Mexicanos, the state-owned oil company, by 60 billion pesos ($5.45 billion) a year to free up funds for the company to spend on increasing crude production.

The measure will be included in President Felipe Calderon’s tax-reform bill, Senator Francisco Labastida, president of the Senate energy commission and a member of the opposition Institutional Revolutionary Party, said today in a transcript of an interview with Mexico City journalists.

Bloomberg