$850 Million in Ex-Im Bank Guarantees Support U.S. Oil & Gas Field Development Exports to Mexico

7thSpace, August 2, 2008 - “U.S. companies large and small will sustain jobs at home while helping Mexico meet its domestic natural gas demand through the sale of oil and gas field equipment and services to Petroleos Mexicanos (Pemex), backed by $850 million in loan guarantees from the Export-Import Bank of the United States (Ex-Im Bank). Ex-Im Bank approved a $150 million small business facility supporting Pemex’s purchase of U.S. equipment and services to speed recovery of oil and gas reserves at Pemex’s four major projects - Cantarell, Burgos Basin, the New Pidiregas Projects (NPP), and the Strategic Gas Program (PEG). Under the facility, Pemex already has contracted for $100 million in purchases, all of them from U.S. small businesses, and expects a significant share of the remaining $50 million to support contracts with small U.S. firms.” Read more.