PEMEX Still to Settle 60% of Debt to 100 Suppliers: CANACINTRA

The National Chamber of the Transformation Industry (CANACINTRA) reported that PEMEX still needs to settle 60% of its debt for services rendered by 100 of its suppliers, members of CANACINTRA, in key oil-producing states. Four companies have gone bankrupt due to these unpaid debts, according to Esperanza Ortega, President, CANACINTRA.

PEMEX has only paid 40% of the debts owed to companies across Campeche, Tabasco, Veracruz, and Tamaulipas, which have been waiting for payments for over two years. Ortega Azar highlighted that the outstanding amount is in the billions, with one company alone owed more than MX$2 billion (US$98.298 million), and other firms facing breaches totaling MX$1.6 billion.

Despite the challenges, Ortega Azar noted that progress had been made in reducing the debt, and there is hope for improved liquidity through new contracts expected in 2025. Between 80 and 100 CANACINTRA member companies, based in Ciudad del Carmen, Tampico, and Tabasco, provide services to PEMEX. However, many business owners are reluctant to discuss the details of their outstanding debts, citing security concerns in these regions.

Entrepreneurs have resorted to taking out loans to survive the extended period of non-payment, with several companies being forced into bankruptcy. While the situation remains challenging, Ortega Azar emphasized that there has been gradual improvement in debt payment, particularly in Campeche. Efforts to resolve the situation have seen progress, with PEMEX CEO Víctor Rodríguez and CANACINTRA representatives working together to address the issue.

The debts had accumulated over two years, pushing companies to the brink, but PEMEX's recent cooperation has helped start the recovery process. Ortega Azar noted that PEMEX had opened its doors for dialogue and had even met with the vice president of oil delegations to address the outstanding debt.

Ortega is scheduled to meet with PEMEX representatives in the coming days to discuss a collaboration strategy and further steps to settle the remaining debts. By the end of March 2025, PEMEX began receiving invoices from CANACINTRA-affiliated companies.