SAT Freezes PEMEX Suppliers' Accounts Amid Mounting Debt Crisis

Mexico’s Tax Administration Service (SAT), has reportedly frozen the bank accounts of numerous suppliers to PEMEX, reports Expansión. This drastic measure stems from the suppliers' inability to meet tax obligations and other financial commitments, a direct consequence of prolonged non-payments from PEMEX.

The situation directly impacts small and medium-sized enterprises (SME) operating in Campeche. These companies are caught in a "vicious circle," unable to pay salaries or maintain operations due to PEMEX's outstanding debts and the subsequent account freezes by SAT. Some PEMEX debts to these suppliers are said to exceed a year.

Federal congresswoman Rocío Abreu, who also chairs the Energy Commission of the Chamber of Deputies, has formally requested an urgent meeting with the Ministry of Finance and Public Credit (SHCP) to address the crisis.

Abreu emphasizes the critical need for immediate intervention, noting that over 50 oil sector companies in Campeche are impacted. She plans to formally request that SAT consider exceptions for these affected businesses, arguing that the government cannot be both a debtor and a sanctioning authority when the root of the problem lies in institutional non-payment.

This development follows recent assurances from President Claudia Sheinbaum, who stated that the federal government is working on a solution and expects PEMEX supplier debt to begin normalizing in July. However, industry representatives warn that the real debt might be far higher than officially reported, with significant amounts yet to be registered in PEMEX's payment systems. Continued lack of income could lead to reduced or suspended activities for PEMEX from July if the issue persists.

The freezing of supplier accounts underscores a deeper, systemic issue within Mexico's public finances, notably the escalating debt crisis at PEMEX. Analysts from Fitch Ratings warn that the state oil company's instability is directly contributing to Mexico's rising public debt, with the country's debt-to-GDP ratio projected to climb from 43.2% in 2019 to an estimated 51.44% in 2024, and potentially 52.3% by 2025. Experts suggest that a more stable PEMEX could significantly improve Mexico's sovereign credit rating, highlighting the company's role as a major contingent liability for the national debt.