The Mexican government announced more than $4 billion in aid Wednesday for state oil company Petroleos Mexicanos - Pemex, whose finances, production and exploration projects have been hit by the fall in crude prices.
The package will include a direct infusion of $1.5 billion to the company better known as Pemex, the Treasury Department said in a statement. The government will also provide over $2.6 billion to pay company pensions and retirements this year.
In return, the government wants Pemex to commit to reducing its liabilities and debt by the same amount.
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