- Transactions Fortify American National Security, Compete with People’s Republic of China
WASHINGTON, USA – The Export-Import Bank of the United States’ (EXIM) board of directors yesterday approved two transactions totaling nearly $792 million. With these transactions, EXIM is strengthening the nation’s energy dominance while continuing its mission to support Ameria’s economic security.
The first transaction approved was a $500 million guarantee to support the export of goods and services for an oil and gas field optimization project in Bahrain. Schlumberger Technology Corporation of Houston, Texas, among other US exporters, will provide the services required by Bapco Energies to advance the field optimization process.
The second transaction of the day was a $292 million guarantee to support the Republic of Iraq’s Ministry of Electricity in generating power through waste heat recovery, a process that captures and repurposes the byproduct of industrial operations such as steam. Stellar Energy Americas Inc., headquartered in Jacksonville, Florida, will supply the equipment and services needed to upgrade the existing power generation plant.
“These transactions extended EXIM’s efforts to increase American energy dominance, a cornerstone of national security, while supporting good-paying, skilled manufacturing jobs across the country,” said acting president and chairman James Cruse. “Supporting these projects demonstrates the range of tools available to the US government to counter the PRC in strategic sectors, while further advancing EXIM’s mission to facilitate American exporting across the globe.”
These transactions are estimated to support approximately 2,500 jobs in Florida, Oklahoma, and Texas.