AMESPAC Calls for Supplier Debt Resolution

The Mexican Association of Oil Services Companies (AMESPAC) has issued a formal request to PEMEX, the Ministry of Energy (SENER), and the Ministry of Finance and Public Credit (SHCP) for a reliable payment schedule to address outstanding debts. This request comes as PEMEX’s unpaid obligations continue to exert significant financial pressure on service providers and the regional economies where they operate.

AMESPAC members expressed support for the federal government’s energy policy objectives but highlighted the urgent need for fiscal resources to capitalize PEMEX. This capitalization is critical for the company to meet its short-term debts, invest in strategic projects, and reduce its financial liabilities with discipline, austerity, and transparency, says the association.

AMESPAC notes that according to PEMEX’s official reports, the company’s total short-term debt reached MX$402.874 billion (US$8.304 billion) at the end of 3Q24. Of this, MX$50.458 billion are owed to AMESPAC members, with an additional MX$53.144 billion in unregistered estimates for completed and delivered work, bringing PEMEX’s total debt to AMESPAC members to MX$103.602 billion.

In a letter, AMESPAC members stated: “We trust that with the new fiscal regime, resources will be obtained to capitalize PEMEX, enabling it to address its short-term debts, invest in strategic projects, and reduce its financial indebtedness.” They emphasized the adverse effects of payment delays on their finances and the negative impact on the regions where they operate. “We request a reliable payment schedule to cover both overdue and current debts, providing certainty in our operational activities and in meeting our financial commitments.”

To address these financial issues, the Ministry of Finance is preparing to enlist a consortium of banks to provide financing that PEMEX will use to pay off its debt with service providers, as reported by Bloomberg. PEMEX’s CEO Victor Rodriguez indicated that the NOC is coordinating with the finance ministry, which may take on debt on PEMEX’s behalf to pay service contractors. This funding will supplement the budgetary support already allocated to PEMEX for 2025.

Challenges for Suppliers

In Ciudad del Carmen, Campeche, business leaders are demanding that PEMEX pay its overdue debts to suppliers to mitigate economic risks. Outstanding debts have already led to the bankruptcy of several companies, significantly affecting the local economy. Gabriela Cruz, President of the National Chamber of the Restaurant and Seasoned Food Industry (CANIRAC) in Ciudad del Carmen, and Encarnación Cajún, President of the Business Coordinating Council (CCE) Ciudad del Carmen, have joined forces with Governor Layda Sansores to urge PEMEX to settle its accounts, particularly with local businesses.