Sulzer threatens to cease trading with Petróleos Mexicanos

Sulzer threatens to cease trading with Petróleos Mexicanos Keystone-SDA

Swiss industrial company Sulzer is claiming a substantial sum from Petróleos Mexicanos (Pemex) for unpaid invoices, the Winterthur-based group announced on Friday. Mexican press reports point to a claim of more than CHF23 million ($28 million).

The industrial conglomerate is threatening to cease operations at the refineries of Mexico’s state-owned oil company, which it says could jeopardise the country’s energy security.

“Pemex has delayed payments for a number of services performed at its refineries and owes Sulzer Chemtech Mexico a significant sum in francs, with some payments overdue by more than twelve months,” a spokeswoman for the group told Swiss news agency Keystone-SDA on Friday. She refused to reveal the amount outstanding, although the figure of 528 million pesos, or CHF23.1 million, has been circulating in the Mexican media.

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“In accordance with the usual procedure, we have referred this matter to the appropriate hierarchical level at Pemex and are currently awaiting their response. We hope that the Mexican government will react to this situation as it has in the past and release the outstanding payments”, added the spokeswoman.

If Pemex were unable to make outstanding payments quickly, Sulzer’s Chemtech division in Mexico “would be forced to cease its support for these refineries”, the company warned.

“In the short term, this could lead to a drop in production, safety problems and environmental risks”, said its spokeswoman.

Impact on the country’s deficit?

“Such a scenario would have a significant impact on Mexico’s national energy security and could worsen the country’s deficit due to lower production levels and the impact on revenues”, she continued.

Contacted by Keystone-SDA, the Mexican energy ministry was not immediately available for comment.

According to the Mexican press, the refineries affected are located in Minatitlán (south-east), Salina Cruz (south-west), Cadereyta (north-east) and Tula (centre), where the Swiss company has supplied essential components for crude oil processing and the modernisation of distillation towers.

Sulzer recently invested in a new high-pressure pump facility, inaugurated in March 2024 in Cuautitlán Izcalli near Mexico City, to support the local infrastructure and meet the growing demand from refineries.

Over the past two decades, Pemex has doubled its debt to around $100 billion (CHF80 billion) and cut production by more than 50% due to ageing oil fields and a lack of investment.

The company is seeking to reverse the trend thanks to massive support from Claudia Scheinbaum’s government, which this year injected more than $25 billion to strengthen its finances and productivity.

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