Ex-Im Bank Supports U.S. Jobs Through $1 Billion Guarantee of Pemex Bonds To Be Issued in the Capital Markets
October 1, 2014
(Ex-Im Bank)
Guarantee of Pemex Bonds Will Support an
Estimated 6,700 U.S. Jobs
The Export-Import Bank of the United States
(Ex-Im Bank) on Monday approved two
authorizations totaling $1 billion in financing
to support the export of U.S. goods and
services to Petróleos Mexicanos (Pemex),
Mexico's national oil-and-gas company.
Ex-Im Bank's financing will support
approximately 6,700 U.S. jobs, at both large
and small businesses, according to Bank
estimates derived from Departments of Commerce
and Labor data and methodology.
"Capital-markets financing is an innovative and
proven approach that helps to provide funding
for Pemex's purchases of made-in-America goods
and services at no extra cost to the U.S.
Treasury," said Ex-Im Bank Chairman and
President Fred P. Hochberg. "With these
authorizations, Ex-Im Bank is continuing to
meet our mission to support U.S. exporters and
their workers by helping to maintain American
jobs in both large and small businesses around
the country."
This transaction is assisting in financing
exports to Pemex of American-made oil-field and
gas-field drilling services, drilling
platforms, turbine generators, mud pumps,
chemicals, spare parts, geophysical studies and
safety equipment – among numerous other
U.S.-produced goods and services.
One of the many U.S. small businesses that is
benefiting from this Ex-Im Bank financing for
Pemex is Checkpoint Pumps & Systems in
Mandeville, La., near New Orleans. Checkpoint
Pumps, a chemical-injection packages provider,
is a single source for concept, engineering,
manufacturing, testing and field service. The
company has approximately 70 employees at its
Mandeville facility and 30 additional employees
at other locations worldwide.
"We confidently expect that Ex-Im Bank
financing will play an even larger role in our
growth within the expanding Latin American
market in the coming years," said David
Cheadle, Checkpoint's Latin American sales
manager.
Pemex will issue Ex-Im Bank-guaranteed bonds in
the capital markets to fund the purchases of
these exports.
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