(Bloomberg) -- Petroleos Mexicanos will sell between $700 million and $1 billion in dollar-denominated bonds as part of a government effort to shore up the state oil giant’s finances, Deputy Finance Minister Gabriel Yorio said in an interview. 

The issuance is part of a government rescue plan announced earlier Monday that includes a $3.5 billion cash injection, which the producer will use to pay down obligations and embark on a series of bond buybacks. The overall deal will result in Pemex’s net debt falling by about $3.5 billion, Yorio said by telephone.

Pemex, the world’s most indebted oil company, plans to sell new debt now to take advantage of relatively low global interest rates, Yorio said. Signs that the U.S. Federal Reserve could start an accelerated tapering of asset purchases may end up raising borrowing costs. 

The debt sale will focus on cost efficiency for the company, Yorio said.

Read More: Mexico Gives $3.5 Billion Lifeline to Pemex to Help Finances

In addition to the transaction, President Andres Manuel Lopez Obrador ordered Pemex to reformulate its five-year business plan, implement financial mechanisms to allow for public sector co-investment in exploration and production projects, and make changes to its management team. Last week, Pemex announced that its former chief financial officer Alberto Velazquez Garcia will be replaced by Antonio Lopez Velarde, its risk management chief.  Velazquez will head up a new unit. 

Holders of Pemex bonds coming due in 2024 to 2030 will receive cash and new notes in an exchange offer, while investors with securities maturing after 2044 will be paid cash for their holdings, according to a statement from Pemex on Monday. 

Lopez Obrador has been criticized by investors for allocating more resources to Pemex’s unprofitable refineries, instead of focusing on its core job of drilling. Industry members are skeptical of the new strategy to develop shallow-water and onshore fields instead of more complex, yet more promising, deep-water reservoirs to boost dwindling reserves.

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