FOR IMMEDIATE RELEASE October 14, 2002
Ken Murphy (202) 565-3200
Service and Technology Corporation (STC) is selling a $1.3 million compact waste oil treatment facility capable of converting 100 tons per day of used lubricating oil into marine diesel and residual fuel oil to a company in Chile with the help of an export credit insurance policy from the Export Import Bank of the United States (Ex-Im Bank). Ex-Im Bank is financing the transaction under a special program that supports environmentally beneficial export sales.
As an environmentally beneficial project, Ex-Im Bank was able to finance $1.1 million for seven years under its medium-term export credit insurance program. Without Ex-Im Bank, this sale would not have gone through, K. Vasudavan, STC's president said. This is STC's first experience with Ex-Im Bank, but the company expects to utilize its financing in the future.
STC is a small business based in Bartlesville, Oklahoma that employs 80 workers. Vasudavan said this sale will help his company maintain employment and make additional sales.
Bravo Energy Chile, Santiago, Chile is purchasing the waste oil treatment equipment. Once the treatment facility is operational, Bravo will be able to convert 70 percent of the waste oil it treats into marine diesel oil and the remaining 30 percent into residual fuel oil.
Ex-Im Bank's regional office, based in Houston, TX assisted STC with its application. The Houston office can be contacted at (281) 721-0465.
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.