EX-IMPORT BANK TOUTS 276,000 SUPPORTED BY FINANCING

Photo Credit:   Wikimedia.
FROM: U.S. EXPORT-IMPORT BANK
Labor Day 2012 Sees More Than 276,000 Jobs Supported by
Export Financing Provided by Ex-Im Bank
WASHINGTON, DC --- As Americans celebrate the unofficial end of summer this Labor Day, more than 276,000 American workers and their families are benefiting from jobs that are being supported by export financing from the Export-Import Bank of the United States (Ex-Im Bank).

"Export-intensive industries pay higher wages than domestic-oriented industries in large metropolitan areas," said Fred P. Hochberg, chairman and president of Ex-Im. "So this Labor Day Ex-Im Bank is again on track for another record year providing financing for buyers of U.S. goods and services, and in doing so is fulfilling its mission of helping create and sustain American jobs."

As August began Ex-Im Bank had authorized 3,055 separate transactions totaling $25.8 billion, which in turn supported about $39 billion in export sales.

Businesses employing dozens to thousands of Americans are supported by Ex-Im Bank financing. Among the companies benefitting from export financing from Ex-Im are:
· FirmGreen Inc., a small renewable-energy company based in Newport Beach, Calif., and other U.S. green technology suppliers who were able to export equipment and services for an innovative biogas project at the Novo Gramacho land fill near Rio de Janeiro, Brazil. Ex-Im provided the buyers a $46.8 million loan for the project which directly generated 165 new jobs at facilities in seven states: Indiana, Wisconsin, Ohio, California, Michigan, Missouri and Texas.
· Trench-Tech International, Inc. a small business in Roanoke, Texas is exporting its TT2550 chain trencher to a buyer in Mexico with the support of a $970,000 Ex-Im guaranteed medium-term loan from Citi Commercial Bank.
· Tetra Tech, a small business in Pasadena, Calif. is supplying design and construction services for a desperately-needed water supply system in Sri Lanka because of a $64.9 million Ex-Im Bank direct loan to the Sri Lankan government. The transaction will support approximately 400 American jobs in Denver and Longmont, Colo.; Morris Plains, N.J.; Langhorne, Pa.; and Fairfax, Va.
· The Boeing Co. employed thousands of workers in Washington State and elsewhere to complete and deliver to Ethiopian Airlines the first Boeing 787 Dreamliner delivered to any airline outside of Japan, which is also the first 787 to be financed by Ex-Im Bank.

U.S. EXPORT-IMPORT BANK APPROVES $66 MILLION LOAN TO EXPORT POWER-GENERATION EQUIPMENT

Map:   Turkey.  Credit:  CIA
FROM: U.S. EXPORT-IMPORT BANK

Ex-Im Approves more than $66 Million in Financing
for Export of Power-Generation Equipment to Turkey

Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has authorized a a $66.3 million guarantee in favor of UPS Capital Business Credit’s loan to Bis Enerji Elektrik Uretim AS (Bis) of Turkey for the export of American power-generation equipment to the Republic of Turkey.

Ex-Im Bank’s financing will support more than 160 American jobs in Houston, Texas; Wellsville, N.Y.; Orlando, Fla.; and Lewiston, Maine.

"Ex-Im Bank’s loan guarantee affords the U.S. companies involved in the transaction an opportunity to export their American-made products to a Turkish market hungry for electricity," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Equally important is the loan guarantee’s impact on American jobs, which will benefit from the increased business."

"We see UPS Capital Business Credit’s participation in this particular Ex-Im Bank financing opportunity as a reflection of our company’s commitment to helping customers grow their exports," added Bob Bernabucci, president of UPS Capital. "Export growth is critical not only to the U.S. economy but also to the creation of jobs."

This represents Ex-Im Bank’s second transaction involving Turkiye Halk Bankasi AS of Ankara, Turkey, which participated in support of BIS Energy, and will finance the export of a General Electric Packaged Power Inc. turbine and generator, a Dresser-Rand steam turbine generator, a World Control International Inc. heat recovery steam generator, a WahlcoMetroflex Inc. diverter damper unit, and associated installation services.


"Bis Enerji, now with its sixth installation of GE LM 6000 Gas Turbine Generator set since 1993, is a long time and repeat customer of GE Power & Water and Ex-Im Bank. Ex-Im Bank’s financing support in each of those transactions has been a key factor in GE’s success and a boon to GE’s jobs, and it has broadened exports from other US suppliers to Bis Enerji as well," stated Mohammad Kudia, the managing director of GE Sales & Project Finance, the financing advisor to Bis Enerji.

Bis will employ the new equipment at its power plant in Bursa, Turkey, to expand its current electricity-production capacity by 76 megawatts. The project will convert a pre-existing simple-cycle turbine into a combined-cycle operation that will rely upon a steam turbine heat recovery steam generator. Ex-Im Bank supported four previous expansions of the plant’s output.


Founded in 1993 and headquartered in Bursa, Bis supplies electricity to domestic markets and has worked with Ex-Im Bank since 1997. The company’s Bursa power plant is the largest private sector plant of its kind in the Bursa industrial zone of Turkey, and it generates electricity by way of natural gas.

Turkey accounted for approximately $3.8 billion of the Bank’s worldwide credit exposure as of the end of FY 2011, and in FY 2011 alone the Bank authorized $2.1 billion in export financing for American goods and services bound for Turkish markets.

Also in FY 2011, the Bank authorized $2.2 billion in power-generation transactions worldwide.

EXPORT-IMPORT BANK AND AIRCRAFT EXPORTS TO ETHIOPIA

MAP CREDIT: U.S. State Department
FROM: U.S. EXPORT-IMPORT BANK
First Ex-Im Bank-Supported 787 Aircraft Delivered to Ethiopian Airlines

Washington, D.C. – The delivery of the first Export-Import Bank of the United States-supported Boeing 787 Dreamliner to Ethiopian Airlines was celebrated at a ribbon-cutting ceremony in the main terminal of Washington Dulles International Airport here today.


Earlier in May, the Bank approved a loan guarantee of more than $1 billion to Ethiopian Airlines for the export of a new fleet of Boeing 787 Dreamliners. The transaction, which was co-financed by Nippon Export and Investment Insurance (NEXI), also supported the export of G.E. spare engines.


"This aircraft is an example of the kind of American innovation that sets us apart and will drive our export competitiveness in the manufacturing sector," said Patricia M. Loui, director of Ex-Im Bank. "These themes are central to the President's National Export Initiative."


The Boeing 787 aircraft is the first of its kind to be delivered to any airline outside of Japan, and it is the first one to be financed by Ex-Im Bank.


"At Ex-Im Bank," continued Loui, "we look for opportunities that will meet the objectives of President Obama’s Presidential Policy Directive on Africa, which includes stimulating economic growth, trade, and investment in Africa. Ex-Im Bank financing support for Ethiopian Airlines’ Boeing 787 aircraft is helping to achieve these important objectives."


Ex-Im Bank has worked with Ethiopian Airlines since 2002 to support its ongoing fleet renewal and expansion program.


"Ex-Im Bank's reliable and consistent support for Ethiopian Airlines' acquisition of state-of-the-art Boeing aircraft, including our first Boeing 787 Dreamliner, has been an important factor in the successful implementation of our growth strategy. Ethiopian Airlines is proud of being a good client of Ex-Im Bank, and we intend to maintain such a win-win partnership between our two organizations forever," said Kassim Geresu, chief financial officer of Ethiopian Airlines.


Ex-Im Bank authorized a record $1.4 billion to support U.S. export sales to buyers in Sub-Saharan Africa in FY 2011, and the Bank has already topped last year’s figures with $1.5 billion in the first three quarters of FY 2012.

U.S. EXPORT-IMPORT BANK APPROVES $1.5 BILLION TO HELP U.S. EXPORTS TO AFRICA

FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Approves Record $1.5 Billion in Financing of U.S. Exports to Sub-Saharan Africa in First Three Quarters of FY 2012

Ex-Im Bank Expands Cover Policy in Cameroon, Ethiopia, Tanzania and Angola
　
WASHINGTON, D.C. – In the first three quarters of FY 2012, the Export-Import Bank of the United States (Ex-Im Bank) approved a historic $1.5 billion in financing to support U.S. exports to sub-Saharan Africa, surpassing the previous record of $1.4 billion for the entire year in FY 2011.


The increase was driven by export growth in several sectors, including machinery, vehicles and parts, commodities and aircraft. Two of the top markets for U.S. exports in the region are South Africa and Nigeria, which are among Ex-Im Bank’s nine key country markets.


"Proportionately, Ex-Im Bank supports more U.S. exports to sub-Saharan Africa than it does to the world at large. Last year, we financed 6.7 percent of U.S. exports to this region. With this new record in sub-Saharan authorizations already achieved in FY 2011, we are on target to increase that percentage," said Ex-Im Bank Chairman and President Fred P. Hochberg.


"Sub-Saharan Africa is a priority region because many countries have strong prospects for long-term economic growth and infrastructure development. We want to help more U.S. exporters increase their sales to this emerging region," he added.


In 2012, Ex-Im Bank expanded its cover policies in four sub-Saharan African countries: Cameroon (opened for long-term in the public sector), Ethiopia (opened for short-term and medium-term in both the public and private sectors), Tanzania (opened for long-term in the public sector) and Angola (opened for long-term in the private sector). The cover policies changes were approved by the Bank’s board of directors, following upon country-risk upgrades determined through an interagency country-risk review process.


Ex-Im Bank Chairman Hochberg, Vice Chair Wanda Felton and Bank staff conducted a business-development mission in sub-Saharan Africa from August 6 – 10, visiting South Africa and Mozambique. The trip included participation in the U.S.-South Africa Strategic Dialogue with U.S. Secretary of State Hillary Rodham Clinton in Pretoria on August 7.


On August 7, Chairman Hochberg signed a Declaration of Intent with the Industrial Development Corp. of South Africa Ltd. (IDC), indicating Ex-Im Bank’s interest in financing up to $2 billion of U.S. technologies, products and services to South Africa’s energy sector, with an emphasis on clean-energy technologies.


Recent Ex-Im Bank success stories in sub-Saharan Africa:

In April, Ex-Im Bank authorized a $37.2 million loan guarantee to support the export of U.S. road-construction equipment and related services by Hoffman International Inc. in Piscataway, N.J., to the Republic of Cameroon. Ex-Im Bank is guaranteeing a medium-term loan from Societe Generale in New York, N.Y., to Cameroon’s Ministry of Economy, Planning and Regional Development. The financing will support the purchase of 150 new and used machines produced by U.S. manufacturers that include Mack Trucks Inc., Terex Corp., Caterpillar Inc. and Grove US LLC.


In June, Ex-Im Bank approved a $7 million loan guarantee supporting the export of dredging equipment and spare parts from Dredging Supply Co., in Reserve. La., to Japaul Oil and Maritime Services PLC in Port Harcourt, Nigeria. Ex-Im Bank is guaranteeing a medium-term loan from RB International Finance (USA) LLC in Bethel, Conn., to Japaul Oil and Maritime Services for the purchase of the equipment. The foreign buyer’s primary business is oil and maritime services in the upstream segment of Nigeria’s oil and gas industry.


The U.S. exporter, Dredging Supply Co., specializes in manufacturing custom-designed, portable dredges for a variety of uses. The company has a total of approximately 125 employees at its facilities in Reserve, La.; Poplarville, Miss.; Greenbush, Mich.; and Stoneboro, Pa.


About Ex-Im Bank:

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.


Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country.

U.S. EXPORTED $185 BILLION OF GOODS AND SERVICES IN JUINE 2012

FROM: U.S. EXPORT-IMPORT BANK
U.S. Exports in June Reach $185 Billion

Washington, D.C. – The United States exported $185 billion in goods and services in June 2012, according to data released today by the U.S. Commerce Department. This is an all-time high overtaking the previous record of $184.4 billion in March 2012.

"This is the highest value ever recorded for the export of U.S. goods and services," said Fred P. Hochberg, chairman and president of Ex-Im Bank. "Exporting is paying off for American workers at home, and it is essential we continue to cultivate business overseas to support the U.S. economy."

U.S. exports of goods and services over the last twelve months totaled $2.165 trillion, which is 37.1 percent above the level of exports in 2009. Over the last twelve months, U.S. exports have been growing at an annualized rate of 13.5 percent when compared to 2009.

Over the last twelve months, the major export markets with the largest annualized increase in purchases of U.S. goods were Panama (38.1 percent), Turkey (29.5 percent), Argentina (29.1 percent), Hong Kong (28.3 percent), Chile (28.1 percent), Russia (26.4 percent), Honduras (26.1 percent), Peru (25.5 percent), Brazil (22.7 percent) and Ecuador (22.1 percent).

U.S. EXPORT-IMPORT BANK: MINORITY OWNED AND WOMAN-OWNED BUSINESS FINANCING TOPS $500 MILLION

FROM:  U.S. EXPORT-IMPORT BANK
Ex-Im Bank Sets New Record of $500 Million in Export Financing for Minority-Owned and Woman-Owned Businesses
WASHINGTON, D.C. --- This fiscal year for the first time, the Export-Import Bank of the United States (Ex-Im Bank) has set an all-time single-year record of more than $500 million in export financing for minority-owned and woman-owned businesses in the United States. The Bank’s financing has supported more than 400 transactions and an estimated 3,000 American jobs across the country.

Ex-Im Bank employs a business-development team devoted exclusively to assisting minority-owned and woman-owned businesses. The team provides resources on how to access global markets and use Ex-Im’s export financing to break into or expand export sales.

"In this tough economy, increasing exports is essential for growth and prosperity. Ex-Im Bank has reached a new height in support of minority-owned and woman-owned companies, but we need to do more," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Our dedicated staff can assist these firms, many of which are small businesses, in accessing the financing products to provide them with the funds to expand and the confidence that they will be paid for foreign sales."

Success Stories

Maya Williams, president and founder of Morganna’s Alchemy, LLC of Port Richey, Fla., sought the Bank’s assistance after learning about export-finance products at an Ex-Im Bank Global Access for Small Business forum in Tampa, Fla. The company is both a minority-owned and a woman-owned small business that manufactures medicinal and botanical skin care products from plant extracts, including those formulated to treat many different ethnic skin types. With exports already comprising 80 percent of total sales, the company was looking to grow its international business further.

Williams met with Ex-Im Bank staff and a local insurance agent who moved quickly. The company was approved for a $250,000 Ex-Im Bank small-business multibuyer export-credit insurance policy to help it offer favorable credit terms to foreign buyers and expand sales.

Today, Morganna’s Alchemy has 20 wholesalers in five countries. With the Ex-Im Bank policy, it is now able to offer 60-day payment terms to its foreign customers. The expected growth from the resulting sales will help the company expand into a new facility and add three new jobs.

"Ex-Im Bank has provided my company with insurance to grow and do business overseas with no worries," said Williams.

AR Chem Tex Industries LLC, of Edinburg, Texas, exports chemical-treatment products and equipment such as soap sticks for gas wells. The company was seeking to enter new foreign markets but did not have the ability to finance that expansion. The company’s president, Art Lopez, attended an Ex-Im Bank Global Access forum in Weslaco, Texas, where he learned about Ex-Im Bank’s financing products for small business.

AR Chem Tex received a $500,000 loan from Frost National Bank backed by an Ex-Im Bank working capital loan guarantee to finance its business expansion. AR Chem also was approved for a $500,000 small-business multibuyer insurance policy for the financing and risk protection of its foreign receivables. Both products helped the company increase sales to Mexico and Venezuela as well as begin exporting to Argentina and Colombia. As a consequence, the company has hired one new employee and plans to hire more as foreign sales continue to grow.

"We hadn’t expanded into new markets because of limited capital and difficulty financing our products," said Lopez. "Now that we have financing from Ex-Im Bank, we are selling in new markets in Latin America."

Ex-Im Bank has seen the majority of its increased authorizations for minority-owned and woman-owned businesses in the manufacturing and transportation-industry sectors. Among these businesses, the Bank’s small-business multibuyer insurance was the most popular product, followed by working capital loan guarantees. The Bank anticipates additional authorizations for transactions in the pipeline for minority-owned and woman-owned businesses in the fourth quarter of FY 2012.

EXPORT-IMPORT BANK AUTHORIZED $23.7 BILLION IN FIRST NINE MONTHS OF FY 2012

FROM:  U.S. EXPORT-IMPORT BANK

U.S. Exports in May Reach $183.1 Billion
Ex-Im Bank Authorizes More than $23.7 billion in first nine months of FY’12

WASHINGTON, D.C. – The United States exported $183.1 billion in goods and services in May 2012, according to data released today by the U.S. Commerce Department. The all-time high of $184.4 billion was recorded in March 2012. Preliminary data shows that Ex-Im Bank authorized more than $23.7 billion in financing during the first nine months of Fiscal Year 2012.

“U.S. exports have exceeded $180 billion every month this year,” said Fred P. Hochberg, chairman and president of Ex-Im Bank. “Exports remain a true bright spot in our economic recovery and are instrumental in creating and sustaining American jobs.”

Exports of goods and services over the last twelve months totaled $2.152 trillion, which is 36.3 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 13.7 percent when compared to 2009.

Over the last twelve months, the major export markets with the largest annualized increase in U.S. goods purchases were Panama (37.5 percent), Turkey (31.5 percent), Argentina (30.1 percent), Chile (29.1 percent), Hong Kong (29.0 percent), Honduras (27.8 percent), Peru (26.3 percent), Russia (26.2 percent), Brazil (23.5 percent), and Ecuador (22.7 percent).

EXPORT-IMPORT BANK APPROVES $57.3 MILLION FINANCING FOR EXPORT OF SOLAR PANELS TO INDIA

FROM: U.S. EXPORT-IMPORT BANK

Ex-Im Approves $57.3 Million in Financing for Renewable-Energy Exports to India
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has authorized a pair of loans totaling $57.3 million to Solar Field Energy Two Private Ltd. and Mahindra Surya Prakash Private Ltd., respectively, to finance the export of American solar panels and ancillary services to India.

The solar panels, which are manufactured by First Solar Inc. of Tempe, Ariz., will be used in the construction of solar photovoltaic plants in Rajasthan, India. These transactions will support 200 U.S. jobs at First Solar’s manufacturing facility in Perrysburg, Ohio.

Solar Field Energy Two, a Mumbai-based company wholly owned by Kiran Energy Solar Private Power Ltd., has been approved for a $23 million loan from Ex-Im Bank for the construction of a 20-megawatt (MW) solar facility in Rajasthan. Mahindra Surya Prakash, also of Mumbai and owned by Kiran Energy and Mahindra Holding Ltd., has been approved for a $34.3 million Ex-Im loan to build two solar facilities (one 20 MW and one 10 MW) in Rajasthan as well.

"These important transactions will finance the purchase of American products and services and support jobs in our innovative renewable-energy sector," said Ex-Im Bank Chairman and President Fred P. Hochberg. "On top of that, Ex-Im’s financing will contribute to India’s drive to embrace clean-energy sources."

In 2010, the Indian government launched the Jawaharlal Nehru National Solar Mission in an effort to add 20,000 megawatts of installed solar capacity to the nationwide grid by 2020. According to a 2012 report in the Wall Street Journal, nearly 300 million people in India live without electricity.

India is one of Ex-Im Bank’s nine key markets and accounted for approximately $7 billion of the Bank’s worldwide credit exposure as of the end of FY 2011. In FY 2011 and FY 2012 to date, the Bank authorized more than $330 million in financing for Indian solar projects.

In FY 2012 to date, the Bank has authorized approximately $380 million for renewable-energy exports of all types worldwide.

Founded in 1999, First Solar is the world's largest manufacturer of thin-film solar modules and has more than 1,900 employees in the United States, including 1,200 employees at its Perrysburg, Ohio, manufacturing and engineering center.

About Ex-Im Bank:

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. goods and services.

　

EXPORT-IMPORT BANK WORKS TO GIVE LONG ISLAND BUSINESSES A GLOBAL COMPETITIVE EDGE

Photo Credit:  Wikimedia.
FROM:  U.S. EXPORT-IMPORT BANK
Rep. Israel, Ex-Im Bank Chairman Hochberg Host Forum for Long Island Businesses to Help Them Gain Competitive Edge in Global Economy
Long Island, New York -- Today, Long Island businesses were told how they can successfully grow their sales and their businesses by selling their products around the world instead of focusing on just selling around the corner.

Representative Steve Israel (D-NY-2) and Export-Import Bank Chairman Fred P. Hochberg hosted an exporter forum for local small businesses at the Long Island Association. More than 75 representatives from local companies attended the event, which focused on how American companies can gain a competitive edge when exporting their products overseas. Long Island small businesses also received one-on-one trade counseling from Export-Import Bank experts.

“Long Island small businesses should be aware of the enormous consumer base that exists beyond our national borders and take advantage of it when selling their products,” Rep. Israel. “I invited Chairman Hochberg to Long Island so our local businesses could learn about the resources available to them to help increase their exports and grow the economy in Long Island.”

“Our nation’s small businesses are the backbone of our economy, and it is critical that we give them the tools they need to compete in international markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Ex-Im Bank will continue to host Global Access forums throughout the country so we can provide businesses with the resources they need to expand globally and reach the President’s goal of doubling U.S. exports by 2015.”

“The Export-Import Bank is a vital tool to help the Long Island business community export more of its goods, which will strengthen those businesses, grow our economy and create jobs,” said Kevin Law, president & CEO of the Long Island Association. “The LIA is proud to host this forum, and I applaud Congressman Israel and Chairman Hochberg for their leadership on economic development issues.”

Chairman Hochberg gave an overview of Export-Import Bank's Global Access for Small-Business initiative, aimed at increasing the number of small businesses across the United States that export goods and services produced by U.S. workers. This is an integral part of the President’s National Export Initiative (NEI), led by the Commerce Department, to double U.S. exports by 2015.

Since 2009, Ex-Im Bank has authorized $80 million for Long Island businesses and supported approximately $515 million in export sales.

Small-business owners who missed the Global Access forum can still learn how Ex-Im Bank can enable them to generate new export sales by contacting the Bank's Regional Export Finance Center at (212) 809-2650, or by calling toll-free to 1-800-565-EXIM (3946). Ex-Im Bank offers information specifically designed to assist small-business exporters secure export financing on its website at http://www.exim.gov/smallbusiness/.

Global Access is supported by a wide variety of business, financial and government partners, including the U.S. Chamber of Commerce, the National Association of Manufacturers (NAM), and the Bank’s 60-plus city/state partners located throughout the U.S. This year, Export-Import Bank plans to hold more than 40 Global Access forums around the country.

About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

U.S. AND IRAQ REAFFIRM COMMITMENT ENERGY PRODUCTION AND EXPORT

FROM:  U.S. STATE DEPARTMENT
Joint Statement of the U.S. - Iraq Joint Coordinating Committee on Energy
Media Note Office of the Spokesperson Washington, DC
April 23, 2012
The Governments of the United States of America and the Republic of Iraq reaffirmed their commitment to joint cooperation in the areas of oil production and export, natural gas, electricity, and critical energy infrastructure protection during the inaugural meeting of the Joint Coordinating Committee (JCC) on Energy on April 23, 2012.

This meeting, held at the U.S. Department of Energy, was co-chaired by Iraqi Deputy Prime Minister for Energy Dr. Hussain Al Shahristani and U.S. Deputy Secretary of Energy Daniel Poneman and Special Envoy and Coordinator for International Energy Affairs at the U.S. Department of State Ambassador Carlos Pascual. The JCC on Energy was established by the 2008 Strategic Framework Agreement between Iraq and the United States to strengthen the countries’ strategic partnership on a variety of initiatives.
During the meeting, both sides expressed interest in making efforts to assure oil markets meet producers’ and consumers’ needs for worldwide economic growth, and recognized the bold steps Iraq has taken to increase its oil production and export. The U.S. Government supports these major steps forward.

The United States expressed its continued commitment to support Iraq’s electricity sector through training in operations and maintenance, the provision of spare parts, and the development of the Iraq Electricity Master Plans and the assistance to implement it. The United States described its significant contributions to Iraq’s energy sector since 2003, including $4.6 billion to the power sector and $2.1 billion to the oil sector.

The delegations also discussed the progress of the ongoing energy capacity building programs conducted by the U.S. Department of Commerce Commercial Law Development Program and the U.S. Agency for International Development. The United States outlined the potentially greater role for the U.S. Export-Import Bank and the Overseas Private Investment Corporation to expand financing for energy trade and investments.

Deputy Prime Minister Shahristani and Deputy Secretary Poneman will travel together to Lawrence Livermore National Laboratories on April 24, 2012 where they will see demonstrations of advanced technology in the areas of critical infrastructure protection for oil facilities, advanced civilian nuclear technology and renewable energy technology.
The United States and the Republic of Iraq committed to convene the Energy JCC quarterly over the coming year.