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Secretary of State Issues National Interest Determination To Ex-Im Bank

FOR IMMEDIATE RELEASE December 20, 1999

Media Contact Name/Phone: 

Andrea Adleman (202) 565-3200

WASHINGTON -- The Export-Import Bank of the United States (Ex-Im Bank) today received a letter from Secretary of State Madeleine Albright containing a determination that it would be in the national interest and clearly and importantly advance US policy in Russia for Ex-Im Bank not to approve, for the time being, financing for two transactions in Russia. The Ex-Im Bank board of directors acted in accordance with the secretary's determination.

Ex-Im Bank was considering for final approval two loan guarantees for $295 million and $203 million. The proposed loan guarantees would have supported the sale of US-made oil and gas equipment, and technical services to be provided by Halliburton Co., Dallas, Texas, and ABB, and 23 other U.S. companies to the Tyumen Oil Co., Russia.

These transactions received preliminary approval from the Ex-Im Bank board in May and June of 1999. During the fourth quarter of fiscal year 1999, both transactions were returned from the United States Congress following a required 30-day review period.

Ex-Im Bank is an independent federal agency. Under its charter, Ex-Im Bank is required to consider all transactions for such commercial reasons as creditworthiness and their positive impact in creating or sustaining US jobs. For all Ex-Im Bank loans or guarantees, no funds leave the United States.