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EX-IM BANK $400 MILLION GUARANTEE ENABLES 95 U.S. COMPANIES TO SELL OIL AND GAS FIELD EQUIPMENT AND SERVICES TO MEXICO

Texas Companies Will Account for Bulk of Exports

FOR IMMEDIATE RELEASE March 6, 2003

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) approved a $400 million long-term loan guarantee enabling 95 U.S. exporters and suppliers to sell up to $447 million of oil and gas field equipment and services to Petroleos Mexicanos (PEMEX) in Mexico.

Schlumberger Technology Corp., Sugar Land, Texas, and the following Texas and Louisiana companies are major exporters and suppliers on the transaction:

  • Houston: Halliburton Energy Services, M-I LLC, Weatherford USA Inc, Universal Compression Holdings, Protechnics International, BJ Services Co., Baker Hughes Allied Ops;
  • Sugar Land: Dowell Product Center.
  • New Orleans: Petrotech EPC Co. also is a major supplier on the contract.

We are delighted to support an export sale that benefits so many U.S. companies and sustains U.S. jobs, said Ex-Im Bank Chairman Philip Merrill. Mexico is an important market for U.S. exporters and a long-time customer of Ex-Im Bank, and Texas is one of the top exporting states in this country.

The transaction is the fourth and final conversion of a $1.1 billion preliminary commitment authorized by Ex-Im Bank in September 2002 to support U.S. exports for PEMEX projects.

PEMEX will use the equipment and services financed under this latest loan guarantee for its New Pidiregas Projects (NPP) to enhance production at 23 existing natural gas and crude oil exploration sites on and off-shore near the Bay of Campeche.

The guaranteed lender on the transaction is BNP-Paribas, New York, NY. The primary source of repayment is PEMEX.

In Texas in fiscal year 2002, Ex-Im Bank supported $1.56 billion in exports of equipment and services by Texas companies. Over the past five years, Ex-Im Bank helped 847 Texas companies in 135 communities export $7.3 billion, sustaining thousands of U.S. jobs.

Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees, and export credit insurance. In fiscal year 2002, Ex-Im Bank authorized $1.56 billion in financing to support U.S. exports to Mexico. Overall in fiscal year 2002, Ex-Im Bank authorized financing to support approximately $13 billion in U.S. exports worldwide.