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News

posted 20 Oct 2008

Deal news

Pemex secures $600m for offshore exploration

Mexican oil major Pemex has signed a $600m 12-year loan backed by a guarantee from Japan’s Nippon Export and Investment Insurance (NEXI).

The pricing is undisclosed. The proceeds will be used to fund the company’s oil exploration and and production in the Ku Maloob Zaap oilfield in the Gulf of Mexico. The project-finance loan will also fund the installation of 17 oil platforms and a 166km pipeline to transport the oil produced on the field.

It follows a $850m loan in August guaranteed by the Export-Import Bank of the US (US Exim), That deal was support by JP Morgan, ING Bank and BNP Paribas.