- MEXICO CITY: Mexico’s state oil monopoly Pemex said on Monday it recently bought 825,150 shares in Repsol YPF, increasing its stake in the Spanish company to 5 percent.
The stock purchase took place on July 13, Pemex’s finance department said, without giving details of the cost of the deal.
“Pemex, through its subsidiary P.M.I. Holding B.V. on July 13, 2011 bought 825,150 shares in Repsol YPF, seeking to consolidate its position in this company consistent with the tax advantages available on reaching a 5 percent position in Spanish companies,” it said.
Pemex is the largest state-owned company in Mexico and its revenues cover about one-third of the government’s budget.