Months of Unpaid Bills in Mexico Oil Patch Add to Pemex Woes
- Delays reaching seven months are a hard hit for contractors
- Goods, services could be scarcer as Mexico seeks output boost
This article is for subscribers only.
Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004.
Petroleos Mexicanos, facing pressure from the government to slow spending, has delayed some payments to contractors for as long as seven months. The result: goods and services are becoming scarcer and contractors are finding it tougher to secure financing of their own.