PEMEX Starts Paying Suppliers in Ciudad del Carmen

PEMEX began addressing its outstanding debts, committing to pay approximately 120 local suppliers in Ciudad del Carmen by Dec. 15. This move follows an urgent virtual conference involving PEMEX executives and local business leaders, aiming to settle over MX$140 billion (US$6.904 billion)in invoices from 2023 and current debts from 2024.

Marcial Díaz, President, Energy Sector Regulated Association (ARSE), highlighted that the payment plan is part of a broader effort to ensure operational and safety standards within the industry. This development is crucial for suppliers who have faced financial difficulties due to delayed payments.

PEMEX’s payment plan, which includes a fund created with support from various banks and the Ministry of Finance (SHCP), aims to stabilize the financial standing of its suppliers. Gonzalo Hernández Pérez, President, Energy Cluster in Campeche, noted that this initiative is expected to boost the local and state economy significantly, considering that around 140 companies in the region have direct contracts with PEMEX.

The conference during the weekend involved Carlos Adrián García, Director General, Energy Agency of the State of Campeche (AEEC), who communicated with organization leaders and business owners who could not attend the previous meeting with PEMEX's Corporate Finance Director, Juan Carlos Carpio.?

Carpio elaborated on the strategy to create an economic fund with bank support and special participation from SHCP. This approach aims to cover outstanding invoices for companies owed since 2023 and those with bills from 2024. The total debt to suppliers could reach up to MX$400 billion, including unbilled amounts.

Hernández Pérez emphasized the importance of this payment plan, especially as the year-end approaches, bringing obligations such as bonuses and contributions. He remarked that previous payment commitments from PEMEX had not always been met, but there is now greater confidence due to a more collaborative dialogue and a realistic payment plan presented by PEMEX executives.

The implications of PEMEX failing to meet this Dec. 15 deadline could be severe. Supplier liquidity issues could lead to operational disruptions, layoffs, and even business closures, impacting local employment and the broader economy. Additionally, the region might see reduced investment due to diminished trust in PEMEX’s payment reliability, further stalling economic growth.