US Ex-Im Bank Approves $900 Million Direct Loan To PEMEX - Guardian

[hatrack]

WASHINGTON, April 23 (Reuters) - The U.S. Export-Import Bank on Thursday said it had approved $900 million in direct long-term loans for Mexico's state-owned oil company Pemex to import more than $1 billion worth of U.S. goods and services to help develop oil and natural gas projects.

The bank said it authorized a $600 million, 10-year direct loan to Pemex to support the purchase of U.S. 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 located on land and offshore at the Bay of Campeche on the northern coast of the Yucatan.

It also authorized a $300 million, 10-year direct loan program to support U.S. exports for the Cantarell offshore oil fields located in the Bay of Campeche.

The bank said the loan would help sales from hundreds of small and large U.S. companies in Texas, Louisiana, Florida, Ohio, Pennsylvania, Illinois, Wisconsin, Minnesota, Oregon, Washington and potentially other states.

EDIT

http://www.guardian.co.uk/business/feedarticle/8470962

[Turbineguy]

1. Ahhh.....

It's good to know at least one bank is doing what so many used to do so well, lending money to Mexico.

The great thing about these sorts of loans is you never have to go to the mailbox to look for the payments, saving a lot of time.