Ex-Im Approves $1.2 Billion in Export Financing to Pemex, Supporting 8,500 Jobs in Texas, California. Louisiana and Elsewhere
June 25, 2012
(Ex-Im Bank)
Pemex To Offer Ex-Im Guaranteed Bond Issuances to Capital Markets
Washington, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) has
authorized $1.2 billion in export financing in four separate transactions to
support the export of U.S. goods and services to Petroleos Mexicanos (Pemex),
Mexico's national oil and gas company. The amount includes a $200 million
small-business facility, which will support exports from U.S. small businesses.
For the first time, Pemex will offer Ex-Im-guaranteed bond issuances to capital
markets to fund the transactions. Pemex anticipates four-to-seven bond offerings
that will occur from June to September 2012. In the event the funding cost is
prohibitive, Pemex may exercise the option to seek Ex-Im direct loans.
The Bank's approval will enable the American exporters involved, most of which
are headquartered in Texas, California, and Louisiana, to supply their products,
equipment and services to Pemex oil and gas projects. The transactions will
support an estimated 8,500 jobs.
"Ex-Im Bank is pleased to partner with Pemex yet again to finance the purchase
of U.S. goods and services to Mexico," said Ex-Im Bank Chairman and President
Fred P. Hochberg. "The financing support will directly benefit U.S. small
businesses in the oil and gas industry, an industry that is absolutely vital to
the growth of our nation's economy."
The Mexican projects involved in these latest financing transactions are the
Cantarell Complex, Mexico's largest oil field; the Strategic Gas Program, one of
Mexico's largest gas programs; and the New Projects of Pemex Exploration and
Production (PEP), a program devoted to onshore and offshore oil and gas
exploration ventures.
Ex-Im Bank's financing was necessary to enable U.S. exporters to compete for
Pemex contracts against foreign companies backed by their governments' export
credit agencies (ECAs). Each of the four transactions has a 10-year repayment
term that matches terms offered by other ECAs.
Pemex ranks as Ex-Im Bank's top borrower. Since 1998, the Bank has approved
approximately $10.6 billion in financing to support Pemex's activities in the
oil and gas sector.
The Bank's four transactions will increase its total credit exposure in Mexico,
one of the Bank's nine key markets, to $6.3 billion.
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