The state-owned Pemex announced a financing operation through which it plans to exchange up to 2,000 million dollars of invoices from suppliers and contractors for financial liabilities of the company.
The oil company detailed in a press release that the operation will provide liquidity to the company's suppliers and contractors, at a time when the oil company's debts with its suppliers are a constant problem and have grown during this six-year term.
The state company closed the first quarter of the year with liabilities of this type for 270,538 million pesos, according to its latest financial statement.
"As part of its financing program for payment to suppliers, Pemex structured a mechanism to exchange commercial debt for financial debt, which represents an attractive opportunity to accelerate payment to suppliers and contractors of Pemex's productive subsidiary companies," he said. the company.
But exchanging commercial debt –which is short-term and does not generate interest– for financial debt –which is paid in the long term but with interest– will imply that the state company will pay more and will take longer to settle pending invoices with its suppliers.
Soon more information…
