Mexico’s Debt-Laden Oil Giant Is Asking Contractors for IOUs
- Pemex asks suppliers to wait for payment until next year
- Company is biggest borrower of any oil company in the world
A Petroleos Mexicanos (Pemex) gas station stands in Tepic, Mexico.
Photographer: Cesar Rodriguez/BloombergThis article is for subscribers only.
Petroleos Mexicanos’s nearly $105 billion in debt already makes it the biggest borrower of any oil company in the world. And it’s accruing more.
Pemex, as the Mexican state oil company is known, is asking some of its contractors if they can wait until next year to be paid money that is owed to them now, according to people with knowledge of the situation, asking not to be identified because the phone and in-person conversations aren’t public.