Pemex plan disappoints suppliers awaiting billions in overdue payments [Yahoo! Finance Canada]
Baker Hughes Company (BKR)
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Source: Yahoo! Finance Canada
service firms in Mexico said on Thursday that a new business plan for state oil company Pemex lacks concrete measures to address its massive debt with suppliers, despite official promises to speed up payments. Rafael Espino, president of the AMESPAC association, told Reuters that in a Tuesday meeting with officials from the finance and energy ministries and Pemex, there was no mention of how the company would pay down debts for work already performed in 2024 and the first half of 2025. As of the end of June, Espino said, AMESPAC members were owed about 65 billion pesos ($3.49 billion) for work that has not yet even been invoiced. "It was a disappointment because there was no specific reference to the 2024 debts," Espino said in an interview. "If we have to wait for it to be paid with future cash flow... this debt will continue to go unpaid and the immediate effect will be on production." However, Espino added that officials at the meeting said Pemex would speed up payments, not let in
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