{"id":14798,"date":"2025-03-17T07:10:59","date_gmt":"2025-03-17T07:10:59","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14798"},"modified":"2025-03-27T07:20:28","modified_gmt":"2025-03-27T07:20:28","slug":"exim-loans-4-7-billion-to-totalenergies-for-lng-equipment-and-services","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/exim-loans-4-7-billion-to-totalenergies-for-lng-equipment-and-services\/","title":{"rendered":"EXIM Loans $4.7 Billion to TotalEnergies for LNG Equipment and Services"},"content":{"rendered":"\n

The newly constituted Board of Directors of the Export-Import Bank of the United States (EXIM)\u00a0on Thursday, March 13,<\/strong>\u00a0unanimously approved the second amendment of a\u00a02019 direct loan\u00a0of up to $4.7 billion to support the export of U.S. goods and services for the development and construction of an integrated liquefied natural gas (LNG) project. The financing for the project located on the Afungi Peninsula in northern Mozambique will support the engineering, procurement, and construction of the onshore LNG plant, related facilities, and offshore activities.\u00a0<\/p>\n\n\n\n

The transaction, which had been on a four-year pause, will support an estimated 16,400 good-paying American jobs which support workers and families at more than 68 companies across 14 states including Texas, Louisiana, Oklahoma, New York, Pennsylvania, Georgia, Tennessee, Florida, Illinois, South Carolina, New Jersey, California, Nevada, Colorado and the District of Columbia. Follow-on states are expected to support thousands of additional jobs across the United States. <\/p>\n\n\n\n

\u201cI am pleased that in authorizing this amendment the Bank finally fulfills the commitment EXIM made nearly six years ago to this Mozambique LNG project, which is important to thousands of U.S. employees working for U.S. manufacturing and services companies,\u201d said Acting President and Chairman Jim Cruse<\/strong>. \u201cMy hope is that moving this project forward will convey how serious EXIM is in its efforts to increase U.S. export competitiveness and that American workers should never be at a disadvantage against foreign competitors.\u201d <\/p>\n\n\n\n

Acting Vice Chairman Jim Burrows<\/strong> added, \u201cThis 2019 transaction, which is the largest deal in EXIM\u2019s now 91-year history, finally can move forward so that thousands of American workers can export their \u201cMade in the USA\u201d equipment and services, something that instead would have gone to Chinese and Russian manufacturers but for President Trump\u2019s leadership in reauthorizing EXIM. Our great U.S. companies large and small\u2014including those that will benefit from this $4.7 billion EXIM loan, which will be repaid and generate $600 million in interest and fees for the U.S. Treasury\u2014need a level playing field to compete in a world in which there are at least 115 competing foreign export credit agencies, many of which are proactively furthering the national interest objectives of their governments.\u201d <\/p>\n\n\n\n

In 2019, President Donald Trump\u00a0reauthorized\u00a0EXIM after four years of near closure in order to give American workers a level playing field, expand foreign markets for American-made goods, help create more great-paying jobs, provide equal footing for U.S. businesses by increasing their competitiveness globally, and ensure the world sees more products stamped with \u201cMade in the USA.\u201d<\/p>\n\n\n\n

Last year, numerous executives of U.S. companies, including manufacturers and service providers who plan to utilize U.S. subcontractors and the domestic supply chain of goods and services for the Mozambique project, contacted EXIM and the U.S. Congress urging the Board\u2019s consideration and approval of the amendment for the globally strategic project. The executives who wrote to former EXIM Chairman Reta Jo Lewis on behalf of their employees and subcontractors so that thousands of U.S. jobs in support of the project could be assured included: <\/p>\n\n\n\n