To ask the Secretary of State for International Trade, what type of fossil fuel projects in UKEF’s programme pipeline will reach financial close in the next six months.
25 January 2021
UK Export Finance (UKEF) is obliged to consider all requests for its support. Those requests can be made, and subsequently withdrawn, at any time.
UKEF is currently considering support for 10 projects involving fossil fuels which may be completed by the end of July 2021. Eight of these are requests for support through UKEF’s Export Development Guarantee (EDG). The EDG provides general working capital to support the operations of eligible exporters, and is not tied to specific contracts.
The two individual projects for which UKEF is considering support are in the following sectors and locations:
Brazil: Oil and gas
Turkmenistan: Compressors for a gas pipeline to a power station
UKEF currently also has 12 applications for trade finance cover in the sector that may be completed by the end of July 2021. These are all related to oil and gas projects, and are located as follows:
However, the decision whether or not to provide support for any of these projects or applications will also have to take into account the implementation of the new policy announced by the Prime Minister on 12 December. The date of implementation of the new policy will be determined following the consultation that was launched on the same day.