Mexico City — Mexico will reduce the tax burden of heavily indebted Pemex by about $7bn over the next two years and inject government capital to build a new refinery and raise output from onshore and shallow-water fields, the company said on Tuesday.

Presenting the outline of a business plan watched closely by investors, Pemex CEO Octavio Romero said an onerous profit-sharing tax that hands much of the company’s income to the federal government made the company financially unsound...

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