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China Exim Bank Extends Pemex 1 Billion USD Credit Line for Tankers and Equipment
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Petróleos Mexicanos (PEMEX) |
| Country | Mexico |
| Start Date | Jun 04, 2013 |
| End Date | Jun 20, 2028 |
| Duration | 5,495 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 39053 |
Grant Description
China Exim Bank Extends Pemex 1 Billion USD Credit Line for Tankers and Equipment On June 4, 2013, Petróleos Mexicanos signed a framework cooperation agreement with the Export-Import Bank of China to explore financing opportunities, including export credit facilities for an aggregate amount of up to U.S. $1.0 billion..
Funds provided by these export credit facilities may be used to charter or acquire vessels, offshore equipment and related products of Chinese origin.
The SEC filing does not confirm that a loan agreement was signed but according to Rigzone, a resource for Oil & Gas jobs, news, events, and training, Petróleos Mexicanos announced that they would have access to a credit line of $1 billion from China's Export-Import Bank to buy vessels and offshore oilfield equipment.
A Boston University report corroborates Rigzone's reporting.
The framework agreement was signed by the visiting Chinese President Xi Jinping and Mexican President Enrique Pena Nieto. The credit facility is to run for three years.
This deal comes on the heels of PEMEX's April announcement that it will increase exports to China to 500,000 barrels of Maya crude oil per month until July 2016.
This agreement between PEMEX and China's Sinopec on supply was signed in January 2013 and extended on October 20th, 2014.
Staff Comments
1. Due to a limited number of sources corroborating the opening of a China Exim-backed credit line by Citibanamex, and the absence of evidence demonstrating financial commitment after the signing of the framework agreement, AidData has coded the project status as pledge.
Sources & References
- The China-Mexico Strategic Relationship and Its Impact on the U.S., 2013 China - Latin America Economic Bulletin
- China to lend Mexico's Pemex $1 billion for ships and offshore gear
- ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
- China's Global Energy Finance: Mexico
- China-Latin America Finance Database
- PEMEX
- China Make Landmark Deal Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Petróleos Mexicanos (PEMEX)
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