By OGJ editors
WASHINGTON, DC, Mar. 11 -- The Export-Import Bank of the US approved a $400 million long-term loan guarantee in support of 95 US exporters selling up to $447 million of oil and gas field equipment and services to Petroleos Mexicanos (Pemex).
The transaction is the fourth and final conversion of a $1.1 billion preliminary commitment authorized by Ex-Im Bank in September 2002 to support US exports for Pemex projects, bank officials said.
Pemex will use the equipment and services financed under this latest loan guarantee for its New Pidiregas Projects (NPP) to boost oil and gas production at 23 sites near the Bay of Campeche. The guaranteed lender on the transaction is BNP-Paribas, New York, NY.
Companies in this latest round of financing include many of the industry's largest oil services concerns such as Schlumberger Technology Corp., Halliburton Energy Services Group, Weatherford USA Inc., Universal Compression Holdings, Protechnics International, BJ Services Co., Baker Hughes Inc. and Petrotech EPC Co.
"We are delighted to support an export sale that benefits so many US companies and sustains US jobs," said Ex-Im Bank Chairman Philip Merrill. "Mexico is an important market for US exporters and a long-time customer of Ex-Im Bank, and Texas is one of the top exporting states in this country."
In fiscal year 2002, the bank supported $1.56 billion in exports of equipment and services by Texas companies, officials said.
"Over the past 5 years, Ex-Im Bank helped 847 Texas companies in 135 communities export $7.3 billion, sustaining thousands of US jobs," officials said