Ex-Im Bank approves loans to support US exports to Pemex

Apr 24, 2009 02:00 AM

The Export-Import Bank of the US (Ex-Im Bank) approved $ 900 mm in long-term direct loans to support more than $ 1 bn of exports from hundreds of companies across the US to Petroleos Mexicanos (Pemex), Mexico's state-owned oil company.
The US 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 mm, 10-year direct loan to Pemex to support the purchase of US 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 mm, 10-year direct loan to Pemex to support the purchase of US exports for the Cantarell offshore oil fields located in the Bay of Campeche.
These exports consist mainly of engineering services, oil field equipment, offshore platforms, drilling and wellservices, and upgrade and rehabilitation services.

Pemex is Ex-Im Bank's largest borrower. From 1998 to date, Ex-Im Bank has approved $ 8.3 bn in financing to support US exports for Pemex's activities for a wide range of oil and gas exploration, development and processing projects.
In fiscal year 2008, Ex-Im Bank authorized a total of $ 14.4 bn in financing to support an estimated $ 19.6 bn of US exports worldwide. The Bank authorized financing to support $ 1.5 bn of US exports for oil and gas production projects.

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