FOR IMMEDIATE RELEASE November 29, 2006
Marianna Ohe (202) 565-3206
WASHINGTON, D.C. -- U.S. small businesses comprise 100 percent of a $115 million sale of equipment and services to Petroleos Mexicanos (Pemex), backed by an Export-Import Bank of the United States (Ex-Im Bank) loan guarantee approved today by Ex-Im Bank's board of directors.
Banco Santander Central Hispano, New York, N.Y., is the guaranteed lender on the Ex-Im Bank $100 million small business facility. The financing supports participation by over 200 U.S. small businesses in Pemex's ongoing development of its four primary projects: Cantarell, Burgos Basin, the New Pidiregas Projects (NPP), and the Strategic Gas Program (PEG).
Small businesses have participated significantly in recent Ex-Im Bank-supported export transactions with Pemex on these four projects. But this is the first transaction involving only small business exports.
We created this vehicle to finance Pemex's current and future purchases from U.S. small businesses, said Ex-Im Bank Chairman and President James H. Lambright. Ex-Im Bank and Pemex both believe that small businesses can be just as competitive as large companies.
The announcement of this facility will help increase awareness of Pemex projects among other potential U.S. small business exporters, Arturo Delpech, Pemex manager of trade finance, said from his Mexico City office. We believe small business participation will grow. If Ex-Im Bank agrees, we probably can request another $100 million small business facility next year, or even increase the amount.
Over the past six years, Ex-Im Bank has approved $6.33 billion in financing in support of U.S. exports to Pemex.
Ex-Im Bank this year marks its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world. In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports. This represented 3,128 transactions, of which 2,617, or over 80%, directly benefited small businesses. Visit Ex-Im Bank's web site at www.exim.gov