Thursday, November 28, 2024

President says Mexico is experimenting with different payment methods for Pemex debt

November 28, 2024

On Thursday, Mexican President Claudia Sheinbaum announced that Pemex's debt burden with its suppliers will be reviewed. She also said that various payment methods are being refined and studied.

Despite the efforts made by Sheinbaum’s predecessor Andres Lopez Obrador to reduce the debt, the company is still one of the most indebted companies in the world.

She said, "A review is taking place, and that is normal", during her usual news conference.

The association representing the interests of some the most important oil services providers in Mexico has asked the state company Pemex for a payment of 103.6 billion pesos (about $5 billion) of overdue debts.

In a letter it stated that the situation had a negative effect on its finances, and that there was a negative impact where they operate. It added that a schedule could provide certainty to operations and help companies meet their commitments.

Pemex's debt burden makes it difficult to achieve the 1.8 million barrels of crude oil per day average that Sheinbaum will aim for during his six-year tenure. (Reporting and writing by Ana Isabel Martinez, Stefanie Eschenbacher, Editing by Stephen Eisenhammer & Sarah Morland).

(source: Reuters)

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