Pemex gets U.S. loan guarantee

Allen Baker

Petroleum News contributing writer

Petroleos Mexicanos has received a U.S. loan guarantee of $287 million to support purchases of $338 million in U.S. equipment and services. More than 50 companies will make sales to Pemex under the deal.

The guarantee was approved by the Export-Import Bank of the United States on March 11.

Major companies that will sell to Pemex include Halliburton, Schlumberger, Dresser Rand, Noble Mexico, Pride Offshore, Kvaerner and Solar Turbines. Smaller firms are also part of the deal, including Jens Oilfield Services of Edinburg, Texas, Hot-Hed International of Houston, and Nao Inc. of Philadelphia.

Pemex, owned by the Mexican government, will use engineering services, equipment and well services from the U.S. companies to develop the Sihil block in the Cantarell oil field, Mexico’s largest.

The guaranteed lender in the transaction is ABN Amro Bank N.V. of Chicago.