ANNOUNCEMENT 20 Jun 2019
Between July 2018 and June 2019, the UK Export Finance agency (UKEF) provided financing to support a UK company's export of subsea equipment to Brazil.
NUMBER OF INTERVENTIONS
UK Export Finance agency, Transparency data, UK Export Finance: Businesses supported 2018 to 2019, published on 20 June 2019: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/810686/list_of_businesses_supported_ukef_2018-19.csv/preview
UK Export Finance agency, How to access export credit insurance, a guide to UK export finance's export insurance policy, Version 1.0, May 2015: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/562051/UKEF_Broker_toolkit_Oct_2016.pdf
UK Export Finance agency, Guidance, Export Working Capital Scheme, Published 24 April 2013, Last updated 16 October 2017: https://www.gov.uk/guidance/export-working-capital-scheme-overview-and-how-to-apply
On 20 June 2019, the UK Export Finance agency (UKEF) published the list of beneficiaries of trade finance transactions for the year 2018/2019.
One of these beneficiaries was Petrobras Global Trading BV, which was granted a buyer credit having a total value of GBP 247,754,898 (approx. USD 314.8 million). The buyer credit supports the UK company Baker Hughes, a GE Company's export of subsea equipment to Brazil.
Given that UKEF does not provide the exact date that the trade finance deal was signed, the most conservative inception date, i.e. the 20 June 2019, was set as the inception date.
The GTA includes various 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.
To be eligible for support from UKEF, the export contract value must have a minimum UK content of 20%. Foreign content imported and utilised as parts or components of the manufacturing process is considered as UK content.