Mexico’s state-owned oil company Pemex has paid down half of its debts to suppliers since Mexican President Claudia Sheinbaum took office in October 2024, the company’s chief executive said on Friday.
Chief Executive Victor Rodriguez said in a presentation to Congress that the company had paid 300 billion pesos ($16.33 billion) to suppliers as of September and had used a recently created financial vehicle to pay off supplier debts.
About 26 billion pesos in payments were made to suppliers last week and the company will pay another 116 billion pesos in December, Rodriguez added.
Pemex, one of the world’s most heavily indebted energy companies, owes nearly $100 billion in financial debt.
The firm needs to make up for 30,000 barrels of crude lost monthly to maintain stable production, Rodriguez said.
(Reporting by Adriana Barrera; Writing by Brendan O’Boyle and Cassandra Garrison; Editing by Edmund Klamann)