BLOOMBERG.COM
When you’re owed $7 billion and the borrower asks for more time to pay, it tends to make you nervous. That’s why oil service companies are pinning hopes on Pemex’s new Chief Executive Officer Jose Antonio Gonzalez Anaya. Anaya told Congress last week that the state-owned oil company will pay what it owes to 90 percent of the service providers “in literally days” after securing a credit line from national development banks. Pemex’s urgency under Gonzalez Anaya to pay the companies is a far cry from the strategy employed by the previous administration, which last year cut contractors’ daily rates and extended the payment period to 180 days from 20 days as outstanding debts reached record levels.
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When you’re owed $7 billion and the borrower asks for more time to pay, it tends to make you nervous. That’s why oil service companies are pinning hopes on Pemex’s new Chief Executive Officer Jose Antonio Gonzalez Anaya. Anaya told Congress last week that the state-owned oil company will pay what it owes to 90 percent of the service providers “in literally days” after securing a credit line from national development banks. Pemex’s urgency under Gonzalez Anaya to pay the companies is a far cry from the strategy employed by the previous administration, which last year cut contractors’ daily rates and extended the payment period to 180 days from 20 days as outstanding debts reached record levels.
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