Ex-Im Approves $1.2 Billion in Export Financing to Pemex, Supporting 8,500 Jobs in Texas, California. Louisiana and Elsewhere
June 25, 2012
(Ex-Im Bank)
Pemex To Offer Ex-Im Guaranteed Bond Issuances
to Capital Markets
Washington, D.C. - The Export-Import Bank of
the United States (Ex-Im Bank) has authorized
$1.2 billion in export financing in four
separate transactions to support the export of
U.S. goods and services to Petroleos Mexicanos
(Pemex), Mexico's national oil and gas company.
The amount includes a $200 million
small-business facility, which will support
exports from U.S. small businesses.
For the first time, Pemex will offer
Ex-Im-guaranteed bond issuances to capital
markets to fund the transactions. Pemex
anticipates four-to-seven bond offerings that
will occur from June to September 2012. In the
event the funding cost is prohibitive, Pemex
may exercise the option to seek Ex-Im direct
loans.
The Bank's approval will enable the American
exporters involved, most of which are
headquartered in Texas, California, and
Louisiana, to supply their products, equipment
and services to Pemex oil and gas projects. The
transactions will support an estimated 8,500
jobs.
"Ex-Im Bank is pleased to partner with Pemex
yet again to finance the purchase of U.S. goods
and services to Mexico," said Ex-Im Bank
Chairman and President Fred P. Hochberg. "The
financing support will directly benefit U.S.
small businesses in the oil and gas industry,
an industry that is absolutely vital to the
growth of our nation's economy."
The Mexican projects involved in these latest
financing transactions are the Cantarell
Complex, Mexico's largest oil field; the
Strategic Gas Program, one of Mexico's largest
gas programs; and the New Projects of Pemex
Exploration and Production (PEP), a program
devoted to onshore and offshore oil and gas
exploration ventures.
Ex-Im Bank's financing was necessary to enable
U.S. exporters to compete for Pemex contracts
against foreign companies backed by their
governments' export credit agencies (ECAs).
Each of the four transactions has a 10-year
repayment term that matches terms offered by
other ECAs.
Pemex ranks as Ex-Im Bank's top borrower. Since
1998, the Bank has approved approximately $10.6
billion in financing to support Pemex's
activities in the oil and gas sector.
The Bank's four transactions will increase its
total credit exposure in Mexico, one of the
Bank's nine key markets, to $6.3 billion.
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