Mexico's Pemex sets up credit lines to pay providers

March 9, 2016 2:50 AM

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MEXICO CITY, March 8 State-run oil company Pemex said on Tuesday it had set up lines of credit with Mexico's development bank to start paying back billions of dollars in debt to suppliers, as the firm seeks to repair finances hit by a rout in crude prices.

Pemex has deferred payments to dozens of suppliers and contractors since last year, racking up some 147 billion Mexican pesos ($8.2 billion) in debt by the end of 2015. So far, it has paid back 20 billion pesos.

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