Export-Import Bank of the U.S. Approves Energy Sector Transaction
Washington, DC – The bipartisan, independent Board of Directors of the Export-Import Bank of the United States (EXIM) today approved a $500 million loan guarantee for Bapco Energies. The transaction is expected to support approximately 2,100 U.S. jobs in Texas and other states, consistent with EXIM’s mission to facilitate American exports and support U.S. jobs. The loan will support services contracts and goods for an ongoing gas field development program and is not expected to result in a meaningful increase in oil and gas production.
“This transaction will support thousands of U.S. jobs and play a crucial role in ensuring Bapco Energies is able to achieve its climate goals of enhanced grid interconnectivity, more efficiency, decarbonization, and investments in large-scale solar projects,” said EXIM President and Chair Reta Jo Lewis.
Bapco Energies is a signatory to the COP28 Oil and Gas Decarbonization Charter, in which they committed to net-zero operations by 2050 at the latest, and ending routine flaring by 2030, and near-zero upstream methane emissions. The project underwent a feasibility review and alignment with EXIM’s environmental and social due diligence procedures and guidelines, which must be adhered to throughout the life of the transaction.
The project will also include measures intended to reduce greenhouse gas emissions, including implementation of leak detection and gas recovery systems, on-site solar energy production to directly reduce the carbon footprint associated with grid supplied electricity, elimination of higher emitting process equipment, and elimination of all non-emergency flaring. All production associated with the project is expected to be consumed domestically in Bahrain.
About EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.
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