U.S. bank extends $75 M loan guarantee to IOC

Wednesday, 23 July 2003, 07:00 Hrs
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The U.S. Export-Import (Ex-Im) Bank has extended a $75 million loan guarantee to the Indian Oil Corporation (IOC) to support the export of technology, equipment and services for a petrochemical refinery in Panipat, Haryana.

WASHINGTON: The Panipat plant will produce petrochemicals used in manufacturing plastic containers, artificial fibres for man-made fabrics and various other plastic products.

The project is scheduled to be completed by September 2005.

Du Pont EI de Nemours and Co., Wilmington, in Delaware state, UOP LLC, Des Plaines, Illinois, and several other U.S. companies will be suppliers in the transaction.

ABN AMRO Bank is the arranger and guaranteed lender for the transaction.

The agreement was signed by Ex-Im Bank chairman Philip Merrill, IOC chairman M. S. Ramachandran and ABN AMRO Bank group vice-president of structured trade Jill Chen at a ceremony at Ex-Im Bank headquarters here Monday.

Said Merrill: "Today's signing is a major step towards concluding a transaction that will benefit both of our economies and our peoples.

"It also signals a strengthening of the relationship between Indian Oil Corporation and Ex-Im Bank."

IOC is the largest oil refining and petroleum product pipeline company in India, with majority owned by the Government of India.

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loans, guarantees and insurance.

In fiscal year 2002, Ex-Im Bank supported $13 billion of U.S. exports worldwide.

Source: IANS

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