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. In the case of generating working capital, the lever chosen by Pemex was to lengthen payment terms with vendors from 20 to 180 days, Hartley-Urquhart stated. This decision put pressure on their key suppliers, which faced longer cash cycles and increased need for additional financing. PEMEX has successfully extended payment terms with a large percentage of its spending, and continues to use the Greensill program to help suppliers manage their working capital needs. A number of PEMEX suppliers that participated in the PEMEX program are in turn looking to establish programs for their own suppliers. This will help improve the management of working capital across the entire supply chain.

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

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Simplifying Effective Business Loans Strategies

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