OTTAWA - August 3, 2006 - Export Development Canada today announced its participation in a USD 5.5 billion credit facility for Pemex, Mexico's national oil and gas company and a major buyer of Canadian goods and services. EDC has been identified as a Mandated Lead Arranger within the facility as it has extended more than USD 250 million in financing.
EDC involvement with Pemex has increased steadily, reaching USD 450 million in financing between 1998 and 2005. During the same period, Pemex has awarded more than 182 different contracts to 51 different Canadian companies with a total value of USD 425 million. "EDC's relationship with Pemex is an excellent example of how EDC financing helps to facilitate export trade and create longstanding relationships between Canadian suppliers and foreign buyers," said Eric Siegel, Acting President of EDC. "Through EDC's financing, Canadian companies will benefit from millions in new business in Mexico, a market of strategic importance to Canada."
EDC was involved in 54 per cent of Canada's export trade with Mexico in 2005, and has facilitated more than CAD 15 billion in trade since 2000. EDC has permanent representations in both Mexico City and the important industrial centre of Monterrey. EDC's foreign representations focus on building long-term relationships with key local buyers, to seek opportunities to match their procurement needs to Canadian expertise. EDC's local presence helps Canadian customers enter key markets by providing important contacts, market intelligence and financial tools that help to close deals.The USD 5.5 billion senior unsecured multi-tranche facility was mandated through the Joint Bookrunners BBVA Securities Inc., Calyon New York Branch, HSBC Securities, Citigroup Global markets Inc., Santander Investment Securities Inc. and the Bank of Nova Scotia.
About PemexPetróleos Mexicanos is a decentralized public entity of the federal government of the United Mexican States ("Mexico"), and is Mexico's state oil and gas company. The Mexican Congress established Petróleos Mexicanos on June 7, 1938 in conjunction with the nationalization of the foreign oil companies then operating in Mexico. Its operations are carried out through four principal subsidiary entities, which are Pemex-Exploración y Producción (Pemex-Exploration and Production), Pemex-Refinación (Pemex-Refining), Pemex-Gas y Petroquímica Básica (Pemex-Gas and Basic Petrochemicals) and Pemex-Petroquímica (Pemex-Petrochemicals).
About EDCEDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and human resource management.
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Media contact: Phil TaylorEDC Public Affairs(613) 598-2904ptaylor@edc.ca
