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FOR IMMEDIATE RELEASE September 29, 1996

Media Contact Name/Phone: 

Niki T. Shepperd (202) 565-3200

The Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank) approved a $134.6 million guarantee to support the sale of equipment and services by Compressor Controls Corporation (CCC) of Des Moines, IA to Gazprom, Russia`s gas production and distribution company. This is the first deal approved under a Memorandum of Understanding signed by Ex-Im Bank and Gazprom in November 1994.

The transaction will have an environmentally beneficial impact, enabling Gazprom and CCC to improve the efficiency of the gas compressor stations and reduce their consumption of pipeline gas.

Gazprom is the largest producer of natural gas in the world and offers U.S. exporters a very important market, said Martin A. Kamarck, Ex-Im Bank President and Chairman. This is a great deal for American exporters, both small and large, that want to do business in Russia. We are delighted to support such an important transaction which will help modernize Russia`s gas sector.

Under the Memorandum of Understanding, Ex-Im Bank will provide medium-term guarantees of commercial loans for U.S. sales to Gazprom under the Bank`s regular guarantee program. Repayment of the loan will be made in five tranches, beginning July 1998. Chase Manhattan Bank NA Inc., New York, is the guaranteed lender.

Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world.