News | News Releases | 2003

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EX-IM BANK BACKS U.S. EXPORTS FOR PERU LIQUEFIED PETROLEUM GAS PROJECT

The Export-Import Bank of the United States (Ex-Im Bank) Board of Directors today approved an $18 million long-term guarantee to support the $17 million export by Westfield Engineering & Services, Houston, TX, and numerous other U.S. suppliers of a refurbished cryogenic gas liquefaction plant and associated pipeline equipment to Petro-Tech Peruana, S.A. (PTP), Lima, Peru. The Ex-Im Bank guarantee also covers financing fees and project-related costs in the buyer's country.

Nine other U.S. companies located in Texas, Oklahoma and Wisconsin are suppliers on the transaction. PTP, a wholly owned subsidiary of Petro-Tech International Inc. of Delaware, is working under contract for PeruPetro S.A., Peru's national oil company, to carry out oil and gas exploration and production off Peru's northern coast.

The guaranteed lender on the transaction is Banco Santander Central Hispano, New York, NY. PTP is the primary source of repayment.

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 nearly $13 billion of U.S. exports worldwide.