Loans granted: US Export-Import Bank gives OK to Pemex
Pemex gets $900m loans
The US Export-Import Bank has approved a $900 million in direct long-term loans for Mexico's state-owned oil company Pemex to import more than $1 billion worth of US goods and services to help develop oil and natural gas projects.
The bank said it authorised a $600 million, 10-year direct loan to Pemex to support the purchase of US exports to be used in projects of PEP (formerly known as the New Pidregas Projects), which consist of 18 natural gas and crude oil exploration sites on land and offshore at the Bay of Campeche on the northern coast of the Yucatan.
It also authorised a $300 million, 10-year direct loan programme to support US exports for the Cantarell offshore oilfields in the Bay of Campeche.
The bank said the loan would help sales from hundreds of small and large US companies in Texas, Louisiana, Florida, Ohio, Pennsylvania, Illinois, Wisconsin, Minnesota, Oregon, Washington and potentially other states.
The exports consist mainly of engineering services, oilfield equipment, offshore platforms, drilling and well services and upgrade and rehabilitation services.
Pemex is Ex-Im Bank's largest borrower. The bank has provided $8.3 billion in financing to support US exports for Pemex's activities since 1998, the bank said.