AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Financial assistance in foreign market
The Korean Eximbank provided loans for a for a development project of an oil and gas field in Texas, the United States has a total value of USD 151 million in Reserve Based Financing. Apart from direct loans, the Korean Eximbank also provided USD 99 million in the form of a loan guarantee for the above project. The loans and guarantee finance for a development project of eight oilfields and two gas fields in Texas, the United States by American Parallel Petroleum LLC. The company is a subsidiary of the Korean company Samsung C&T Corporation.
The Bank approved a similar loan in September, see related measure, and in this context, explained that Reserve Based Financing is a "financing technique in which financing is provided based on future expected cash flow from oil/gas field project".
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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