Pemex will pay $1 billion in loan principal this year.

The total foreign debt of the state-run oil company Petroleos Mexicanos, or Pemex, is $15.6 billion, the company said. Pemex Director Mario Ramon Beteta added that, over the last two years, Pemex has brought in enough money with its oil exports to lower its foreign debt by 25%. Beteta said a recent decrease in oil earnings, due to a fall in world oil prices, will not endanger payments on the country’s total debt of $97.5 billion.