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EX-IM BANK $200 MILLION CREDIT GUARANTEE FACILITY SUPPORTS U.S. EXPORTS TO VENEZUELA

FOR IMMEDIATE RELEASE July 26, 2001

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3206

The Export-Import Bank of the United States (Ex-Im Bank) is providing a $200 million medium-term credit guarantee facility to support the sale of equipment and services by numerous U.S. suppliers to Bariven S.A., a subsidiary of Petroleos de Venezuela, S.A. (PDVSA), Venezuela's government-owned oil company. Bariven will use the equipment and services to support oil exploration, production and refining by its subsidiaries. The guaranteed lender for the transaction is Citibank affiliate GOVCO. PDVSA is the guarantor.

We are proud of our long successful relationship with PDVSA that has benefited the economies of both of our countries and supported thousands of U.S. jobs, said Ex-Im Bank Chairman John E. Robson.

Since 1989, Ex-Im Bank has provided PDVSA with credit guarantee facilities in an amount exceeding $2 billion, said PDVSA Chief Financial Officer Luis Davila. The ongoing commitment and support from Ex-Im Bank has enabled PDVSA to develop important relationships with a wide range of American suppliers.

Bariven will buy more than $220 million of products and services from various, as-yet-unselected U.S. suppliers throughout the country under the new facility.

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. Ex-Im Bank supported $15.5 billion in U.S. exports in fiscal year 2000.