WASHINGTON, DC -- The Export-Import Bank of the US (Ex-Im Bank) has approved $900 million in long-term direct loans to support more than $1 billion of exports from hundreds of companies across the US to Petrόleos Mexicanos (Pemex), Mexico's state-owned oil company.
Ex-Im Bank authorized a $600 million, 10-year direct loan to Pemex to support the purchase of exports to be used in the new projects of PEP (formerly known as the New Pidiregas projects), which comprise 18 natural gas and crude oil exploration sites located on land and offshore at the Bay of Campeche on the northern coast of the Yucatan. Ex-Im Bank authorized a $300 million, 10-year direct loan to Pemex to support the purchase of exports for the Cantarell offshore oil fields located in the Bay of Campeche.
Pemex is Ex-Im Bank's largest borrower. From 1998 to date, Ex-Im Bank has approved $8.3 billion in financing to support US exports for Pemex's activities for a wide range of oil and gas exploration, development, and processing projects.