Exhibit 4.4

(ENGLISH
TRANSLATION)

TRANSFER
OF FUNDS AGREEMENT (THE "AGREEMENT"), BETWEEN THE FEDERAL GOVERNMENT, THROUGH THE MINISTRY OF FINANCE AND PUBLIC CREDIT, HEREINAFTER ("THE FEDERAL GOVERNMENT"), REPRESENTED BY
CARLOS GARCIA MORENO, DIRECTOR GENERAL OF PUBLIC CREDIT OF THE MINISTRY OF FINANCE AND PUBLIC CREDIT AND PEMEX PROJECT FUNDING MASTER TRUST (THE "MASTER TRUST"), REPRESENTED BY MR. MARTIN REED,
ASSISTANT VICE-PRESIDENT, ALSO PRESENT, PETROLEOS MEXICANOS ("PEMEX"), ACTING AS GUARANTOR AND REPRESENTED BY MR. JUAN JOSE DOMENE BERLANGA, CHIEF FINANCIAL OFFICER, TOGETHER IN AGREEMENT
WITH THE FOLLOWING BACKGROUNDS, STATEMENTS AND CLAUSES:

BACKGROUND

STATEMENTS





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By
virtue of the above referenced, the parties agree to the following:

CLAUSES

|First.  |  | The Federal Government agrees to provide the Master Trust the amount of U.S. $676,161,058 (Six hundred seventy-six million one hundred sixty-one thousand fifty eight and 00/100 United States Dollars), that will be
deposited in an account specified by the Master Trust with value date November 30, 2000 (the "value date"). As of the value date, as consideration for the transferred resources, the Master Trust agrees to carry out all payment obligations
belonging to the Federal Government established in the Credit Agreements specified in Annex I, according to the same terms and conditions established thereunder, with the understanding that the Federal Government will be in charge of the amortization
payments until December 31, 2002, as well as the payment of interests that correspond to such amounts.
|------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Second. |  | Payments by the Master Trust will be made by wire transfer to the account specified in each Credit Agreement, for this purpose the General Bureau of Public Credit is hereby bound to provide the Master Trust with all information necessary to fulfill
its obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Third.  |  | The Master Trust is hereby bound to assign the resources referred to in the First Clause of this Agreement, to make payments related to the PIDIREGAS to be financed by the Master Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Fourth. |  | The Master Trust may exercise, through the Federal Government, all rights established in the Credit Agreements beginning on January 1, 2003, including without limitation, all rights (if any) to i) prepay any loan before its stated maturity,
ii) grant or deny consent to assign any rights by the corresponding Creditor and iii) amend, modify or exempt the provisions of any Credit Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                
|Fifth.  |  | PEMEX hereby unconditionally and irrevocably appoints itself guarantor of the Master Trust, guaranteeing the total, complete and timely payment of each and all of the amounts due by the Master Trust under the present Agreement, including, without
limitation, principal, interest and all future indebtedness under the present Agreement. This is a guarantee of payment that will remain in full force and effect until all payment obligations of the Master Trust herein guaranteed are paid in full. In
accordance to applicable law, PEMEX waives all defenses of a guarantor, jointly liable debtor or surety that it could have rights to under the law or by other means.                                                                                                                                               
|Sixth.  |  | For all purposes related to this Agreement, all notices and documentation should be addressed as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|        |  | THE FEDERAL GOVERNMENT
Attn: Director General de Crédito Público
Insurgentes Sur 826, Piso 9
Col. Del Valle, C.P. 03100
Delegación Benito Juárez                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

2

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|         |  | PEMEX PROJECT FUNDING MASTER TRUST
Attn: Corporate Trust Department
101 Barclay Street
Floor 21 West
New York, NY 10286                                                                                                                                                                                                                                                                                                
|-------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |  | PETROLEOS MEXICANOS
Attn: Gerencia de Financiamientos y Análisis de Mercado
Av. Marina Nacional #329
Torre Ejecutiva, Piso 32
Col. Huasteca, C.P. 11311
Delegación Miguel Hidalgo                                                                                                                                                                                                                                      
|Seventh. |  | In the event of a possible dispute originating from the interpretation or the failure to carry out the present Agreement, the parties hereby submit to the jurisdiction of the Federal Courts with residence in the Federal District, for which reason,
hereby waive the jurisdiction to which any of them may be entitled due to their present or future place of residence or domicile, or through other legal means.

IN
WITNESS WHEREOF, the parties have caused the present Agreement to be executed through their representatives in the City of Mexico, D.F., on November 24, 2000.

|PEMEX PROJECT FUNDING MASTER TRUST                                                                                  |  | 
|------------------------------------------------------------------------------------------------------------------- |  | 
|/s/MARTIN REEDMartin Reed
Assistant Vice President
The Bank of New York                                             |  | 
|THE FEDERAL GOVERNMENT                                                                                              |  | 
|/s/CARLOS GARCÍA MORENOCarlos García Moreno
Director General of Public Credit
Ministry of Finance and Public Credit |  | 
|PETROLEOS MEXICANOS                                                                                                 |  | 
|/s/JUAN JOSÉ DOMENE BERLANGAJuan José Domene Berlanga
Chief Financial Officer
Petróleos Mexicanos                   |  | 

3

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ANNEX I

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|ANNEX II                             |  |                                                                                                                                                                                                                            |  |                                     |  |                                                                      |  |                                                                                                                          |  |                                                                                                                    |  | Amortizations per year                                                                                        
|------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------- |  | -------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------ |  | --------------------------------------------------------------------------------------------------------------
|
|
|MYRA SOMEX(1)                        |  | First Tranche Principal Payment
First Tranche Principal Payment
Second Tranche Principal Payment
Second Trance Principal Payment
Other Credits
Other Credits                                                               |  | USD
USD
USD
USD
USD
USD             |  | Libor
Domestic
Libor
Domestic
Libor
Domestic                         |  | 14,625,530.88
1,761,010.61
40,085,786.88
4,533,067.34
35,234,453.67
5,500,384.78                                         |  | 8,932,212.91
1,075,497.49
24,504,679.17
2,771,090.94
22,046,344.72
3,441,613.71                                    |  | 2,854,224.50
343,667.50
7,812,032.89
883,417.13
7,191,721.64
1,122,686.23                                     
|MYRA BANRURAL(2)                     |  | First Tranche Principal Payment
First Tranche Principal Payment
Second Tranche Principal Payment
Second Trance Principal Payment
Other Credits
First Tranche Principal Payment
Second Tranche Principal Payment            |  | USD
USD
USD
USD
USD
DEM
DEM         |  | Libor
Domestic
Libor
Domestic
Libor
Libor
Libor                      |  | 30,837,677.40
320,183.75
80,711,033.47
976,278.77
48,582,946.22
150,086.78
457,629.99                                    |  | 18,833,415.52
195,545.00
49,339,133.26
596,805.00
30,398,552.22
91,662.11
279,751.93                               |  | 6,018,082.69
62,485.00
15,729,197.22
190,260.00
9,916,289.00
29,289.96
89,184.24                              
|MYRA FINASA(3)                       |  | First Tranche Principal Payment
Second Tranche Principal Payment
Other Credits                                                                                                                                             |  | USD
USD
USD                         |  | Libor
Libor
Libor                                                    |  | 3,101,299.20
10,257,886.23
53,978,777.71                                                                                 |  | 1,894,048.50
6,270,706.67
33,774,746.50                                                                            |  | 605,229.61
1,999,086.23
11,017,634.81                                                                         
|MYRA CHASE MANHATTAN(4)              |  | First Tranche Principal Payment
Second Tranche Principal Payment
Second Tranche Principal Payment
Other Credits
Other Credits
Other Credits
First Tranche Principal Payment
Second Tranche Principal Payment
Other Credits |  | USD
USD
USD
USD
USD
DEM
BEF
BEF
BEF |  | Libor
Libor
Domestic
Libor
Domestic
Libor
Domestic
Domestic
Domestic |  | 49,738,002.90
134,266,891.25
17,529.87
148,330,540.97
1,357,989.83
299,882.62
12,393,219.00
37,788,419.00
126,355,989.00 |  | 30,376,362.77
82,078,146.63
10,716.11
92,811,038.56
849,699.90
187,637.81
7,568,878.81
23,100,284.56
79,061,469.68 |  | 9,706,548.58
26,166,316.07
3,416.27
30,275,819.53
277,179.97
61,209.19
2,418,580.88
7,364,315.25
25,790,582.94
|COMBINED OLD NEW MONEY AGREEMENT(5)  |  | n/a
n/a
n/a
n/a                                                                                                                                                                                                            |  | USD
USD
DEM
BEF                     |  | Libor
Domestic
Libor
Domestic                                        |  | 563,221,407.94
5,272,432.46
289,936.83
128,166,995.24                                                                    |  | 281,121,869.32
2,636,216.27
144,968.34
64,083,499.82                                                               |  | 125,377,572.72
1,171,651.64
64,430.44
28,481,553.52                                                           
|FACILITY ONE (PARALLEL NEW MONEY)(5) |  | n/a                                                                                                                                                                                                                        |  | USD                                 |  | Libor                                                                |  | 617.82                                                                                                                   |  | 395.43                                                                                                             |  | 96.84                                                                                                         
|5.0 BILLION USD(6)                   |  | n/a                                                                                                                                                                                                                        |  | USD                                 |  | Domestic                                                             |  | 367,713.42                                                                                                               |  | 183,856.74                                                                                                         |  | 81,714.06                                                                                                     
|3.8 BILLION USD(7)                   |  | n/a                                                                                                                                                                                                                        |  | USD                                 |  | Libor                                                                |  | 320,172.16                                                                                                               |  | 160,086.10                                                                                                         |  | 71,149.36                                                                                                     
|SUBTOTAL USD (American Dollars)      |  |                                                                                                                                                                                                                            |  |                                     |  |                                                                      |  | 1,233,399,615.53                                                                                                         |  | 694,302,779.44                                                                                                     |  | 258,877,481.51                                                                                                
|SUBTOTAL DEM (Deutsche Marks)        |  |                                                                                                                                                                                                                            |  |                                     |  |                                                                      |  | 1,197,536.22                                                                                                             |  | 704,020.19                                                                                                         |  | 244,113.83                                                                                                    
|SUBTOTAL BEF (Belgian Francs)        |  |                                                                                                                                                                                                                            |  |                                     |  |                                                                      |  | 304,704,622.24                                                                                                           |  | 173,814,132.87                                                                                                     |  | 64,055,032.59                                                                                                 

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