FOR IMMEDIATE RELEASE April 4, 2004
Andrew Yarrow, (202) 565-3200
WASHINGTON, D.C.- The Export-Import Bank of the United States (Ex-Im Bank) approved a long-term loan guarantee to support $225.2 million in equipment and service exports by multiple U.S. companies to Petroleos Mexicanos (Pemex), Mexico's government-owned oil and gas production company.
U.S. 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 said.
Ex-Im Bank's $200 million guarantee will support Pemex's purchase of $225.2 million in engineering services, oil and gas field equipment, and drilling and well services from U.S. exporters for the company's Strategic Gas Program. The 15-year, multibillion-dollar program is intended to help Mexico meet its growing needs for natural gas. U.S. exporters include: Solar Turbines, Inc., San Diego, Calif.; Nabors Industries, Houston, Texas; Noble Mexico Limited, Houston, Texas; Noble Drilling Services, Sugar Land, Texas; and Pride Offshore Inc., Houma, La.
Standard Chartered Bank of New York, N.Y., is the guaranteed lender.
Pemex, the world's second-largest 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.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.