Mexico asks Japan for $ 1 bn loan for development oil fields

Mar 12, 1997 01:00 AM

Mexican President Ernesto Zedillo, during a recent visit to Japan, has asked Japan to extend loans for the development of offshore oil fields in the Gulf of Mexico, a Foreign Ministry official said. During talks with Prime Minister Hashimoto, Zedillo requested a loan of about $ 1 bn from the Export-Import Bank of Japan for development of the Cantarell oil fields.
The Foreign Ministry official quoted Hashimoto as saying the bank was looking into the economic and technical aspects of the project and had not yet reached a decision.
Cantarell is Mexico's most lucrative crude source and is being developed by PEMEX. Earlier this month, PEMEX announced plans to invest $ 5 bn and drill 164 new wells in the Cantarell oil fields by 2000.

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