-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A17K+gQIzTlZvhr0+jTHobZQVYsHLAvHP05lo84nYA9uxfANPTVaN1heS7OwR0lw LpK/4huMvKigEPIZ8yfbKw== 0000950123-08-008713.txt : 20090204 0000950123-08-008713.hdr.sgml : 20090204 20080801161800 ACCESSION NUMBER: 0000950123-08-008713 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEMEX EXPLORATION & PRODUCTION CENTRAL INDEX KEY: 0000932783 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: AVENIDA MARINA NACIPONAL NO 329 STREET 2: COL ANAHUAC CITY: MEXICO DF 11311 STATE: O5 BUSINESS PHONE: 5252502611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEMEX REFINING CENTRAL INDEX KEY: 0000932784 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 326 STREET 2: COL ANAHUAC CITY: MEXICO DF 11311 STATE: O5 BUSINESS PHONE: 5252502611 MAIL ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 329 CITY: COLONIAL HUASTECA MEXICO STATE: O5 ZIP: 11311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEMEX GAS & BASIC PETROCHEMICALS CENTRAL INDEX KEY: 0000932785 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 329 STREET 2: COL ANAHUAC CITY: MEXICO DF 11311 STATE: O5 BUSINESS PHONE: 5252502611 MAIL ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 329 CITY: COLONIA HUASTEC MEXICO STATE: O5 ZIP: 11311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEMEX PROJECT FUNDING MASTER TRUST CENTRAL INDEX KEY: 0001157656 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 239 CITY: COLONIA HUASTECA MEXICO 11311 STATE: O5 ZIP: 00000 BUSINESS PHONE: 5257222500 MAIL ADDRESS: STREET 1: BANK OF NEW YORK STREET 2: 101 BARCLAY ST 21-W CITY: NEW YORK STATE: NY ZIP: 10286 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICAN PETROLEUM CENTRAL INDEX KEY: 0000932782 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 329 STREET 2: COL ANAHUAC CITY: MEXICO STATE: O5 ZIP: DF 11311 BUSINESS PHONE: 5252502611 MAIL ADDRESS: STREET 1: AVENIDA MARINA NACIONAL NO 329 STREET 2: COLONIA HUASTECA CITY: MEXICO STATE: O5 ZIP: 11311 CORRESP 1 filename1.htm LETTER TO THE S.E.C.
Pemex Project Funding Master Trust
c/o Petróleos Mexicanos
Avenida Marina Nacional 329
Mexico, D.F. 11311
August 1, 2008
Securities and Exchange Commission
Division of Corporation Finance
450 Fifth Street, N.W.
Washington, D.C. 20549
     Re:   Pemex Project Funding Master Trust
Petróleos Mexicanos
Registration Statement on Form F-4 (File No. 333-152486-04)
Ladies and Gentlemen:
     On July 23, 2008, the Pemex Project Funding Master Trust (the “Issuer”), Petróleos Mexicanos (the “Guarantor”) and Pemex-Exploración y Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica (collectively, “PEMEX”) filed with the Securities and Exchange Commission (the “Commission”) their Registration Statement on Form F-4 (the “Registration Statement”). The Registration Statement registers U.S. $2,500,000,000 in aggregate principal amount of 5.75% Guaranteed Notes due 2018 of the Issuer (the “2018 New Notes”) to be exchanged for the outstanding 5.75% Guaranteed Notes due 2018 of the Issuer, U.S. $501,000,000 in aggregate principal amount of 6.625% Guaranteed Bonds due 2035 of the Issuer (the “2035 New Bonds”) to be exchanged for the outstanding 6.625% Guaranteed Bonds due 2035 of the Issuer and U.S. $500,000,000 in aggregate principal amount of 6.625% Guaranteed Bonds due 2038 of the Issuer (the “2038 New Bonds”) to be exchanged for the outstanding 6.625% Guaranteed Bonds due 2038 of the Issuer (such offers to exchange, the “Exchange Offers,” and such outstanding 5.75% Notes due 2018, 6.625% Bonds due 2035, and 6.625% Bonds due 2038, collectively the “Old Securities”) based on the Exxon Capital Holdings Corporation, SEC No-Action Letter (available April 13, 1989) (the “Exxon Capital Letter”), Morgan Stanley & Co. Incorporated, SEC No-Action Letter (available June 5, 1991) (the “Morgan Stanley Letter”) and Shearman & Sterling, SEC No-Action Letter (available July 2, 1993) (the “Shearman & Sterling Letter”). In connection with the filing of such Registration Statement and in anticipation of the acceleration of the effectiveness thereof, the Issuer and the Guarantor hereby represent as follows on their behalf and on behalf of PEMEX.
     PEMEX has not entered into any arrangement or understanding with any person to distribute the 2018 New Notes, the 2035 New Bonds or the 2038 New Bonds (together, the “New Securities”) to be received in the Exchange Offers, and to the best of PEMEX’s information and belief, each person participating in the Exchange Offers is acquiring the New Securities in its ordinary course of business and has no arrangement or understanding with any

 

 

person to participate in the distribution of the New Securities to be received in the Exchange Offers. In this regard, PEMEX will make each person participating in the Exchange Offers aware (through the Exchange Offers prospectus or otherwise) that if the Exchange Offers are being registered for the purpose of secondary resales, any securityholder using the Exchange Offers to participate in a distribution of the New Securities to be acquired in the registered Exchange Offers (1) cannot rely on the staff’s position in the Exxon Capital Letter, the Morgan Stanley Letter or similar letters and (2) must comply with registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”) in connection with a secondary resale transaction. PEMEX acknowledges that such a secondary resale transaction should be covered by an effective registration statement containing the selling securityholder information required by Item 507 of Regulation S-K under the Securities Act.
     To the best of the PEMEX’s information and belief, no broker-dealer participating in the Exchange Offers with respect to Old Securities acquired for its own account as a result of market-making activities or other trading activities has entered into any arrangement or understanding with PEMEX or any affiliate of PEMEX to distribute the Old Securities. In addition, PEMEX (i) will make each person participating in the Exchange Offers aware (through the Exchange Offers prospectus or otherwise) that any broker-dealer who holds Old Securities acquired for its own account as a result of market-making activities or other trading activities, and who receives New Securities in exchange therefor pursuant to the Exchange Offers, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such New Securities and (ii) will include in the Exchange Offers prospectus the additional deemed representation that if the exchange offeree is a broker-dealer holding Old Securities acquired for its own account as a result of market-making activities or other trading activities, an acknowledgment that it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of New Securities received in respect of such Old Securities pursuant to the Exchange Offers.
[SIGNATURE PAGE FOLLOWS.]

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  Very truly yours,

PEMEX PROJECT FUNDING MASTER TRUST
 		  
  By:   /s/ Guadalupe Merino Bañuelos  
    Guadalupe Merino Bañuelos
Associated Managing Director of Finance of Petróleos Mexicanos and Attorney-in-Fact of the Pemex Project Funding Master Trust 		  
       
 
  PETRÓLEOS MEXICANOS
 		  
  By:   /s/ Guadalupe Merino Bañuelos  
    Guadalupe Merino Bañuelos
Associated Managing Director of Finance of Petróleos Mexicanos 		  
       
 

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