PEMEX, CIITT Cooperate: The Week in Oil and Gas

PEMEX and the Interoceanic Corridor of the Isthmus of Tehuantepec (CIIT) signed a General Collaboration Agreement on Feb. 25, cementing a strategic alliance designed to integrate the country's energy infrastructure with the isthmian logistics platform. The agreement was signed by PEMEX’s Director Víctor Rodríguez and CIIT’s Director Vice Admiral Octavio Sánchez, marking a significant step in Mexico's ambition to transform the Isthmus into a globally competitive industrial, railway, and port development hub.

Ready for more? Here is the weekly roundup!

PEMEX, Interoceanic Corridor to Boost Energy Logistics in Mexico

The core objective of the agreement is to articulate PEMEX’s extensive energy infrastructure,  including pipelines, refineries, and petrochemical assets,  with the CIIT's intermodal logistics platform, which spans approximately 1,200km of rehabilitated railway linking the ports of Coatzacoalcos, Veracruz on the Gulf Coast and Salina Cruz, Oaxaca on the Pacific. By synchronizing these two systems, officials say the partnership will reduce logistics costs, strengthen operational security, and elevate industrial competitiveness across the southeast of Mexico.

PEMEX Returns to Mexico’s Capital Markets With Bond Placement

PEMEX returned to the domestic capital markets after a seven-year absence, placing MX$31.5 billion (US$1.834 billion) in bonds on the Mexican Stock Exchange (BMV) as part of a broader financing strategy aimed at managing near-term debt maturities and preserving access to funding amid mounting financial and ESG-related constraints.

The bond placement marks a significant step for PEMEX, which has relied heavily in recent years on federal support, liability management operations and international debt markets to meet its obligations. The issuance forms part of a MX$75.5 billion financing program planned for 1Q26, according to information disclosed by the company and market authorities.

Moody’s Stresses Link Between Sovereign Risk, PEMEX

Mexico’s sovereign risk profile and PEMEX’s financial sustainability remain closely intertwined, according to the latest assessment from Moody’s Ratings, which expects the national oil company to continue relying on government support for the foreseeable future. The rating agency’s stance reinforces a structural reality that has shaped Mexico’s fiscal policy and capital markets for more than a decade: PEMEX’s financial health remains a key variable for sovereign creditworthiness, even as authorities seek to stabilize public finances.

Moody’s projects that PEMEX will post negative free cash flow of roughly US$7 billion per year between 2026 and 2029, reflecting persistent operational losses and high capital requirements across its upstream, refining and logistics segments. While federal authorities maintain that PEMEX can meet its financial obligations through 2027, the agency cautioned that this outlook depends heavily on continued fiscal backing. In 2025 alone, government support to PEMEX reached an estimated US$50 billion, a scale that materially affected Mexico’s fiscal deficit and debt trajectory.

PEMEX Reports 21% Surge in Fertilizer Output in 2025

PEMEX reported that it closed 2025 with a 21% increase in fertilizer production compared to the prior year. Total output climbed from 807,000t in 2024 to 975,000t in 2025, reinforcing Mexico’s strategy to increase food sovereignty strategy and signaling a broader revival of the country's long-dormant petrochemical sector.

PEMEX highlights that the production breakdown underscores the diversity of the output achieved: 590,000t corresponds to phosphate-based fertilizers, 220,000t to urea, and 165,000t to nitrogen-based fertilizers. The figures represent a meaningful step forward in PEMEX's mission to reduce Mexico's dependency on imported agricultural inputs, mentioned the NOC; a goal that has taken on renewed urgency under President Claudia Sheinbaum's administration as global supply chains for fertilizers remain volatile.