Petroleos Mexicanos (PEMEX), like many integrated energy companies, has faced declining oil prices and the need to invest to maintain production. To do so in times of declining prices, energy companies have three choices: selling assets, raising funding via debt or equity in the capital markets, or generating funds from working capital, Roland Hartley-Urquhart, Global Head of Origination with Greensill Capital, told Rigzone. Since late 2015, Greensill has been working with PEMEX to establish a supply chain financing facility to support PEMEXs vendors. Through this program, suppliers can sell their receivables to Greensill for their full value less a small discount charge as soon as the invoices are approved. Greensill then arranges to receive payment from PEMEX in 180 days. In addition, Greensill also has established a partnership with Nacional Financiera (Nafin), the Mexican government-owned development bank which operates a supply chain finance platform specifically for Mexican suppliers. Pemex suppliers can view their approved invoices on the Nafin platform, and elect to sell those invoices to Greensill for next day payment. Pemex chose to pursue all three options to strengthen their business during the downturn.

http://www.rigzone.com/news/oil_gas/a/148093/Supply_Chain_Partnership_Helping_PEMEX_Manage_Payments

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