FOR IMMEDIATE RELEASE August 23, 2006
Linda Formella (202) 565-3200
WASHINGTON, D.C.: Aquatech International Corporation, a provider of innovative water purification technology solutions headquartered in Canonsburg, Pa., will export a waste water recycle/reuse facility to an oilfield project in Oman valued at over $100 million with the help of a $23 million working capital loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
The facility will use MVC evaporation technology to desalinate and recycle waste water generated by an enhanced oil recovery facility. The loan from PNC Bank in Pittsburgh, Pa., will provide Aquatech with working capital to fulfill its contract to supply equipment and related services to Occidental Mukhaizna LLC, a subsidiary of Occidental Petroleum, and Contractors Technical Services LLC in Oman.
|Aquatech International Corporation, a water purification technology company headquartered in Canonsburg, Pa., is using a $23 million working capital loan guaranteed by Ex-Im Bank to export a waste water recycle/reuse system to Oman.|
Ex-Im Bank's ability to respond quickly to our requirements has been a key factor in our ability to win this breakthrough project that will propel Aquatech into an industry-leading position in the heavy oil market, said Aquatech President and CEO Venkee Sharma. The speed at which Ex-Im Bank was able to develop and approve this financing package was truly astounding. Ex-Im Bank has been a key partner in supporting Aquatech's rapid growth and ongoing job creation.
This transaction demonstrates how Ex-Im Bank can help U.S. exporters, especially small businesses such as Aquatech, obtain the funds they need to compete and break into developing markets such as Oman, said Ex-Im Bank Chairman and President James H. Lambright.
PNC and Ex-Im Bank team up to share our exporting experience and provide the financing necessary to complete the transaction and create more opportunities for small and medium-sized businesses to participate in international trade, said Stephanie Novosel, senior vice president and manager of PNC's global trade finance group.
Growth in Aquatech's international contracts has increased the company's need for quick access to working capital financing. In March 2006, Ex-Im Bank approved a guarantee to support a $25 million working capital loan from PNC under Ex-Im Bank's Fast Track program, which enables small and medium-sized U.S. exporters to obtain larger Ex-Im Bank-guaranteed working capital loans in less time. The earlier loan will support other export contracts, including a sale to Italy's largest power company.
The PNC Financial Services Group Inc. is one of the nation's largest diversified financial services organizations and provides consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. Loans are provided by PNC Bank, National Association, a member of The PNC Financial Services Group Inc.
Small businesses interested in learning more about how to succeed in international markets with Ex-Im Bank financing as Aquatech has done can call 1-800-565-EXIM (3946), option 2, to access the nearest Ex-Im Bank regional office and speak with an Ex-Im Bank trade finance specialist.
Ex-Im Bank, the official export credit agency of the United States, is in its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2005, Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion of U.S. exports. More than $2.6 billion of these authorizations, representing 2,617 transactions, directly supported U.S. small businesses as primary exporters. For more information, visit www.exim.gov.