(Bloomberg) -- Petroleos Mexicanos has renewed about $8.3 billion in revolving credit lines from banks including Banco Bilbao Vizcaya Argentaria SA, JPMorgan Chase & Co., Citigroup Inc. and others at it grapples with the oil industry’s largest corporate debt load.

Pemex, as the state oil firm is known, obtained a $6.5 billion tranche comprised of a three-year term loan and revolving credit facilities with the same duration in late November from banks including Bank of Nova Scotia, Sumitomo Mitsui Financial Group Inc., BBVA, Citi and JPMorgan, according to a person familiar with the transaction. A second tranche valued at $1.8 billion from HSBC Holding Plc and BNP Paribas SA, among others, involved a six-month term loan and revolver, said the person, who asked not to be identified discussing non-public information. 

The renewals come as Pemex explores ways to improve its credit profile. Government help in the form of capital injections and tax breaks have done little to ease the company’s long-term, financial decline. Pemex’s debt reached $106 billion at the end of September, while the equivalent of as much as $9.4 billion in revolving credit was fully drawn, according to company data.

Pemex didn’t immediately respond to a request for comment. The arrangements were first reported by REDD Intelligence’s Edgar Sigler on X, formerly known as Twitter.

--With assistance from Ezra Fieser, James Crombie and Esteban Duarte.

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