IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

firm-specific

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 23 Nov 2012 | Removal date: open ended
Still in force

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.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

120 Crude petroleum & natural gas
2709 Petroleum oils and oils obtained from bituminous minerals, crude.
270900 Petroleum oils and oils obtained from bituminous minerals, crude.
2711 Petroleum gases and other gaseous hydrocarbons.
271111 Natural gas

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