US Ex-Im Bank has approved a long-term loan guarantee to support US$225.2mn in equipment and service exports by multiple US companies to Petroleos Mexicanos (Pemex), Mexico’s government-owned oil and gas production company.
“US exporters and their workers will benefit from these export sales, which will also help Mexico address critical economic and social needs,” Ex-Im Bank chairman Philip Merrill says.
Ex-Im’s US$200mn guarantee will support Pemex’s purchase of US$225.2mn in engineering services, oil and gasfield equipment, and drilling and well services from US exporters for the company’s strategic gas programme. The 15-year, multibillion-dollar programme is intended to help Mexico meet its growing needs for natural gas. US exporters include: Solar Turbines, San Diego; Nabors Industries; Noble Mexico Limited; Noble Drilling Services; and Pride Offshore.
Standard Chartered Bank in New York is the guaranteed lender.
Pemex, the world’s secondlargest petroleum producer, has been a long-time customer of Ex-Im Bank. With this transaction-, the Bank now will have $3.3 billion in exposure with Pemex.