Export-Import Bank of the United States Board of Directors Supports Nearly $700 Million Transaction

Project Underscores Domestic Commitment to Global Methane Pledge

FOR IMMEDIATE RELEASEOctober 11, 2024

Washington, DC - The Board of Directors at the Export-Import Bank of the United States (EXIM) approved a direct loan yesterday for more than $690 million to support the development of a world scale integrated condensate splitter and aromatics complex in Malaysia. The project is being financed in collaboration with SACE (Italian Export Credit Agency), CESCE (Spanish Export Credit Agency) and Euler Hermes (German Export Credit Agency).

The financing supports the production of aromatics used to produce polyester and polyester fabrics at the Pengerang Energy Complex and will directly support U.S. exports including Honeywell UOP showcasing innovative U.S. technology. The new technology will create a new benchmark in the production of aromatics and related products, producing 30% less CO2 emissions when the facility is operational.

"With this vote, EXIM continues to fulfill its mission to support the American exporter and increase their global competitiveness while ensuring a safe and secure supply chain," said EXIM President and Chair Reta Jo Lewis. "In addition to supporting thousands of jobs nationwide, we are advancing our work to meet our congressional mandates. I am pleased that this transaction reinforces the United States' and Malaysia's commitment to decarbonize the global economy, including the Global Methane Pledge, while continuing to diversify global energy sources and supporting energy security."

This transaction is estimated to support 2,900 jobs across sixteen states, including Illinois, Pennsylvania, Texas and Florida.

About EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov. 

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