MEXICO CITY -- Petroleos Mexicanos, the state oil company known as Pemex, said it raised $366 million in a 7 1/2-year "asset securitization" deal in which Citibank was the lead manager.

Pemex said it raised the money by selling to institutional investors certificates of participation in a trust fund. Pemex will divert to the trust fund a portion of future earnings from oil sales to 10 U.S. clients.

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