Pemex commits to settling large debts with suppliers

The General Director of Petróleos Mexicanos (Pemex), Octavio Romero Oropeza, has announced that the state-owned company is committed to settling the large debts it holds with its contractors and suppliers by the month of August. This statement comes after several years of delays in payments to companies that collaborate with the oil company, causing financial problems and complications for many of the suppliers. According to information provided by sources present in the meetings between Romero Oropeza and the affected entrepreneurs, the CEO of Pemex explained that the lack of resources in the Secretariat of Finance was the main reason for the payment delays. The situation worsened due to the increase in oil and fuel prices, caused by the recent Russian invasion of Ukraine. In recent years, the federal government has implemented gasoline subsidies to cushion the impact of price increases on consumers. However, this measure reportedly left the Treasury with limited resources to support Pemex in its financial commitments, leading to a record accumulation of debts with suppliers. The company's most recent financial data shows a debt of 365 million pesos with suppliers, the highest recorded to date. This situation has raised concerns among entrepreneurs, some of whom have faced significant financial difficulties, including non-payment to their own employees and legal actions for breach of contracts. The six-year term of President Andrés Manuel López Obrador has been particularly challenging for Pemex's suppliers and contractors, who have experienced payment delays and terms of up to six months after invoicing. These practices have jeopardized the financial stability of many companies and have negatively impacted the oil industry as a whole. In a recently issued statement, Pemex announced that it plans to make payments totaling approximately 70,000 million pesos during the month of May. The company expressed its commitment to regularize the situation before the current administration concludes, seeking to restore confidence and stability in its relationships with suppliers and contractors. Despite Octavio Romero Oropeza's promises, uncertainty persists among those affected by Pemex's payment delays. The lack of liquidity and the financial problems arising from this situation have created an atmosphere of insecurity in the sector, which cautiously awaits the materialization of the promises of the state-owned company to settle its outstanding debts.