Citi Banamex – the Mexican subsidiary of Citibank – has opened a US$1bn credit line for Petroleos Mexicanos (Pemex) for the purchase of Chinese products.

The finance is guaranteed by China Exim Bank (Cexim) and can be drawn down over a three-year period. The deal was approved by the Chinese president Xi Jinping on a state trip to Mexico.

Citi Banamex CEO Javier Arrigunaga says: “We are delighted to provide greater efficiency and synergies to customers of such relevance as Pemex and Cexim.”