Mexico City – State oil company โคPemex has reduced โits debt to suppliersโฃ by half under the current management of President andrรฉs Manuel Lรณpez Obrador, the company announced today. As of November 29, 2023, Pemex reportedโ outstanding supplier debt of 83.9โ billion pesos (approximately $4.6 โขbillion USD), a significant decrease from โthe 168.9 โขbillion pesos ($9.3 billion USD) owed whenโข Lรณpezโ Obrador took office inโ December 2018.
The debt reduction signals a potential turning point for Pemex, which has struggled for โคyears under the weight of massive debt and operational inefficiencies. Lowering obligations to suppliers aims to improve relationships with key vendors,โ ensuring a more stable supply chain โfor the heavily indebted companyโ and bolstering its ability โฃto maintain production levels. The move comes asโค Pemex faces increasing scrutiny over its โfinancial health andโค its central role in MexicoS energy policy.
Pemex attributedโค the reduction toโ a strategy of prioritizing timely payments and renegotiating contracts. “We have made a commitmentโข toโ pay our suppliers on โขtime,โ and we have been fulfilling thatโข commitment,”โฃ saidโ Pemex โคDirector Octavio Romero Oropeza in a press conference. “This has allowed us to rebuild โฃtrust with our suppliers and reduce our debt.”
The โcompany reported paying off 85.1 billion pesos in supplier โคdebt during the current administration. โฃ Pemexโข also highlighted efforts to streamlineโฃ procurement processesโค and increase transparency in its dealings with suppliers.
Despiteโ the progress, challenges remain. Pemex still carries a substantial overall debt load of approximately $38.8 billion USD,โ and its โฃfinancial performance continues toโค be a concern for investors and credit rating agencies. The company’s ability toโ sustain the reduction in supplier debt will depend on its future โfinancial โขperformance and its continued commitment โtoโ responsible financial management.
