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U.S. Government Loaned Mexican Government More Than $1 Billion to Drill Oil in Gulf of Mexico Last Year; Has $1 Billion More Planned For This Year

Posted By admin On September 8, 2010 @ 12:58 pm In World News | Comments Disabled

Matt Cover
CNS News [1]
Wednesday, September 8, 2010

(CNSNews.com) – The U.S. Export-Import Bank, an independent federal agency, loaned more than $1 billion to the Mexican state oil company PEMEX in 2009 to support the company’s oil drilling in the southern Gulf of Mexico. The bank has another $1 billion in loans in the pipeline for 2010, unless Congress objects.

On May 27, after the British Petroleum oil spill, President Obama imposed a moratorium on U.S. deepwater drilling in the Gulf, effecting 33 deepwater drilling rigs in the region.

PEMEX [2]was the Export-Import Bank’s largest borrower in 2009 and has borrowed $8.3 billion from the U.S. federal government since 1998. Under the 2009 loan agreements, PEMEX agreed to contract with American firms and purchase equipment from American manufacturers in exchange for the money.

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U.S. Government Loaned Mexican Government More Than $1 Billion to Drill Oil in Gulf of Mexico Last Year; Has $1 Billion More Planned For This Year 260310banner2 [3]

Having A Supply Of Healthy Foods That Last Just Makes Sense (AD) [4]

One loan, worth $600 million, went to finance the development of 18 oil and natural gas fields in the Bay of Campeche in the southern Gulf of Mexico. Campeche is the area where the majority of Mexico’s oil and gas production takes place and is located just north of the Yucatan Peninsula.

Another loan, worth $300 million, went to fund the building of oil production facilities in Mexico’s Cantarell offshore oil field, which provides a large portion of Mexico’s oil production, according to the U.S. Energy Information Agency [5] (EIA).

The $900 million [6] in combined loans occurred in April of 2009.

Full story here. [1]


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URLs in this post:

[1] CNS News: http://www.cnsnews.com/news/article/72342

[2] PEMEX : http://www.pemex.com/index.cfm?action=content&sectionID=123

[3] Image: http://purewaterfreedom.com/

[4] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[5] Energy Information Agency: http://www.eia.doe.gov/cabs/Mexico/Oil.html

[6] $900 million: http://www.exim.gov/pressrelease.cfm/D89347BA-EAAC-F210-E74E87239B14CAF0/

[7] Mexico Will Sue BP for Gulf Oil Pollution-Related Expenses: http://www.prisonplanet.com/mexico-will-sue-bp-for-gulf-oil-pollution-related-expenses.html

[8] The US Government Will Make A Record $51 Billion Off Student Loan Debt This Year: http://www.prisonplanet.com/the-us-government-will-make-a-record-51-billion-off-student-loan-debt-this-year.html

[9] BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico Tiber Prospect: http://www.prisonplanet.com/bp-makes-%e2%80%98giant%e2%80%99-oil-discovery-in-gulf-of-mexico-tiber-prospect.html

[10] BP aims to fix leaking Gulf of Mexico oil well by 27 July: http://www.prisonplanet.com/bp-aims-to-fix-leaking-gulf-of-mexico-oil-well-by-27-july.html

[11] Fury Over Gulf Of Mexico Oil Spill Report: http://www.prisonplanet.com/fury-over-gulf-of-mexico-oil-spill-report.html

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