Ex-Im Bank Approves Financing to Support More Than $1 Billion of U.S. Exports to Mexico's Pemex
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) today approved $900 million in long-term direct loans to support more than $1 billion of exports from hundreds of companies across the United States to Petroleos Mexicanos (Pemex), Mexico's state-owned oil company. The U.S. exports will be used for further development of the new projects of Pemex Exploration and Production (PEP) and the Cantarell oil fields.
Ex-Im Bank authorized a $600 million, 10-year direct loan to Pemex to support the purchase of U.S. exports to be used in the new projects of PEP (formerly known as the New Pidiregas Projects), which comprise 18 natural gas and crude oil exploration sites located on land and offshore at the Bay of Campeche on the northern coast of the Yucatan. Ex-Im Bank authorized a $300 million, 10-year direct loan to Pemex to support the purchase of U.S. exports for the Cantarell offshore oil fields located in the Bay of Campeche.
Ex-Im Bank's financing helped to ensure the competitiveness of U.S. exporters. Exports for the projects are anticipated to be sourced from hundreds of small and large companies located in states that include but are not limited to Texas, Louisiana, Florida, Ohio, Pennsylvania, Illinois, Wisconsin, Minnesota, Oregon and Washington State. These exports consist mainly of engineering services, oil field equipment, offshore platforms, drilling and well services, and upgrade and rehabilitation services.
Pemex is Ex-Im Bank's largest borrower. From 1998 to date, Ex-Im Bank has approved $8.3 billion in financing to support U.S. exports for Pemex's activities for a wide range of oil and gas exploration, development and processing projects. In August 2008, the Bank approved a $150 million small-business facility supporting Pemex's purchases of equipment and services from U.S. companies of 500 employees or fewer.
In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. The Bank authorized financing to support $1.5 billion of U.S. exports for oil and gas production projects.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. For more information, visit www.exim.gov.