Pemex's Debt Woes: Mexico's Oilfield Service Giants Demand Action

Rafael Espino, head of the AMESPAC association, criticizes Pemex's new business plan for failing to address its massive supplier debt. Despite government support, Pemex owes around $23 billion to suppliers. AMESPAC members call for a formal working group to establish payment guidelines.

In a recent revelation, Rafael Espino, president of the AMESPAC association, expressed concerns over Pemex's new business plan, which seemingly lacks measures to tackle its significant supplier debt.

Espino highlighted that AMESPAC members are owed billions for uninvoiced work, casting doubt on the Mexican state oil company's ability to meet its payment obligations promptly.

Despite commitments to accelerate payments and potential financial resources from a $12 billion debt issuance and a $13 billion special fund, Pemex remains deeply in debt, confronting service providers with an unprecedented crisis.

(With inputs from agencies.)