FOR IMMEDIATE RELEASE July 20, 2003
Marianna Ohe and Bo Ollison (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) and Indian Oil Corporation Limited (IOC) of New Delhi, India, today signed a credit agreement for a $75 million Ex-Im Bank loan guarantee to support the export of U.S. technology, equipment, and services to build a petrochemical refinery in Panipat City, India.
Du Pont E I de Nemours and Co., Wilmington, DE, and UOP LLC, Des Plaines, IL, along with numerous other U.S. companies will be suppliers on 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 in Washington, D.C.
Today's signing is a major step toward concluding a transaction that will benefit both of our economies and our peoples, Merrill said at the ceremony. It also signals a strengthening of the relationship between Indian Oil Corporation and Ex-Im Bank.
ABN AMRO Bank is the arranger and guaranteed lender on the transaction.
The Panipat plant will produce petrochemicals used in manufacturing plastic
containers, artificial fibers used in man-made fabrics, and various other plastic products. Project completion is scheduled for September 2005.
Indian Oil is the largest oil refining and petroleum product pipeline company in
India, 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.