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Chairman Reed Addresses the Petroleum Equipment & Services Association

Outlines EXIM Role in Reopening America and Supporting U.S. Innovation and Energy Production-Related Exports

FOR IMMEDIATE RELEASE June 24, 2020

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WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today addressed members of the Petroleum Equipment & Services Association (PESA), outlining how EXIM can help the industry recover from the COVID-19 (coronavirus) pandemic and increase U.S. exports and related services around the world.

During a webinar with more than 30 PESA member companies registered, Chairman Reed outlined EXIM’s COVID-19 relief measures and reaffirmed the agency’s continuing commitment to supporting U.S. businesses as the country reopens and the American economy rebounds. Employment in the oilfield services and equipment sector (OFS) has been particularly hard hit during the pandemic, with employment standing at its lowest point since 2017, according to PESA research.

“The oilfield services and equipment sector plays a very important role when it comes to energy production and represents thousands of diverse U.S. jobs. I thank the Petroleum Equipment and Services Association for facilitating this important discussion on how EXIM can help this sector increase its exports and access markets around the world,” said Chairman Reed. “EXIM stands ready to help U.S. companies of all sizes — including those focused on energy production and manufacturing — navigate these challenging times. We responded swiftly at the outset of this health crisis with relief measures to make our programs more widely available to U.S. suppliers and exporters. Our relief measures also give financial institutions the ability to provide more supply chain financing to American exporters by reducing their credit risk.”

Since the onset of the pandemic, EXIM has announced a series of relief measures for U.S. exporters and financial institutions, including U.S. small businesses, which have been extended through August 31, 2020. Alongside those efforts, EXIM’s Board of Directors announced additional temporary relief measures that remain in effect until April 30, 2021. Complete information is available on EXIM’s coronavirus response page. Please contact EXIM for more small-business exporter support.

Also participating in the webinar were Tim Tarpley, PESA Vice President Government Affairs, and Paula Swain with EXIM’s Project Finance Division.

“PESA is honored to have EXIM Chairman Reed address PESA membership,” said Tarpley. “The OFS sector has a long history of partnership with EXIM and has utilized the agency to gain access to markets around the world. We look forward to working together to expand this partnership and open new doors for PESA member companies.” 

In her remarks, Chairman Reed also discussed EXIM’s new Program on China and Transformational Exports, established in EXIM’s historic reauthorization, which is intended to help level the playing field for U.S. exporters and workers by directly neutralizing export subsidies for competing goods and services offered by the People’s Republic of China. In May, EXIM launched its “Strengthening American Competitiveness” initiative, beginning with a series of teleconferences with American businesses and stakeholders. A full schedule of upcoming teleconferences and recordings of previous events can be found here.

PESA is the national trade association for the oilfield services and equipment sector, representing more than 500,000 jobs in the technology-driven energy value chain. PESA members represent more than 200 oilfield service, supply and manufacturing companies.

ABOUT EXIM:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. 

For more information about EXIM, please visit www.exim.gov.