More than 35 Texas companies stand to benefit from two new export financing deals worth $1.5 billion. The Export-Import Bank of the U.S. recently authorized the funding deals, which are for Petroleos Mexicanos, or Pemex, Mexico’s national oil and gas company.
Pemex will use the funding to order U.S. goods, which will be exported to Mexico. Most of the exports will be oil and gas drilling services equipment.
Multiple Houston companies, large and small, will get new export orders from this financing, including Detcon Inc., which manufactures industrial-grade gas detectors and control systems in the Woodlands; National Oilwell Varco Inc.(NYSE: NOV), which manufactures multiple oil and gas drilling products; and Diamond Offshore DrillingInc. (NYSE: DO) and Noble Energy Inc. (NYSE: NBL), which are both drilling contractors.
In total, more than 6,800 jobs will be created across 10 states from Ex-Im’s bonds that will fund the Pemex transactions.
Ex-Im financing supports many exporters throughout the Houston area. In fact, Fred Hochberg, Ex-Im’s chairman, told the Houston Business Journal that Houston plays a vital role in the U.S.’ export economy, which is further evidenced byrecent rankings that place Houston as the No.1 export city in the country.
Hochberg has said one of his priorities is to make sure small businesses get access to export funding and do not get left behind in Houston’s export boom.
Sourced from Houston Business Journal