Ex-Im Bank Approves $1.5 Billion to Finance Energy Equipment and Services to Mexico
August 29, 2013
(Ex-Im Bank)
Financing Supports 6,800 U.S. Jobs
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has
authorized $1.5 billion of export financing in a pair of transactions to support
the export of U.S. goods and services to Petroleos Mexicanos (Pemex), Mexico's
national oil and gas company.
For the second time, Pemex will issue Ex-Im Bank-guaranteed bonds in the capital
markets to fund the transactions. In the event the funding cost is prohibitive,
Pemex may exercise an option to seek Ex-Im Bank direct loans priced at
Commercial Interest Reference Rates.
Ex-Im Bank's financing will support approximately 6,800 U.S. jobs spread across
about 10 states, according to bank estimates derived from Departments of
Commerce and Labor data and methodology. The procurement includes oil and gas
field drilling services, drilling platforms, equipment rentals, pumps,
well-completion services, associated spare parts and chemicals, geophysical
services and safety equipment.
"These two transactions will increase the flow of American exports to one of our
neighbors and in the process support large- and small-business jobs across
America," said Ex-Im Bank Chairman and President Fred P. Hochberg. "It is clear
that the 'Made in America' brand is valued now more than ever."
Detcon Inc., a small-business that will benefit from the transaction, designs
and manufactures a wide range of industrial grade fixed gas detectors, control
systems, pipeline analyzers, and wireless technology. The company, which is
headquartered in The Woodlands, Texas, employs about 90 people.
"Detcon is proud of its association with Pemex," said Adam Markin, Detcon's CEO.
"Ex-Im Bank's support of Pemex in this transaction is a large help to smaller
U.S.-based companies like Detcon and to their jobs."
Since 1998, Ex-Im Bank has approved approximately $13.5 billion in financing to
support Pemex's activities.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.