New Delhi, July 22: The US export-import bank today said it will provide 75 million dollars in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp`s Rs 5104 crore integrated petrochemical complex at Panipat. The agreement for the guarantee was signed by exim 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 exim bank headquarters in Washington, the bank said in a statement.
Dupont E I De Nemours and CO of Wilmington, Delaware, and UOP LLC of Des Plaines, Illinois, are two of a number of US companies that will supply goods or services under the deal.
"Today`s signing is a major step towards concluding a transaction that will benefit both of our economies and our peoples. It also signals a strengthening of the relationship between IOC and exim bank," Merrill said.
ABN Amro Bank is the arranger and guaranteed lender on the transaction.
The Panipat plant will produce petrochemicals used in manufacturing plastic containers, artificial fibres used in man-made fabrics, and various other plastic products. Project completion is scheduled for September 2005.
IOC selected UOP of USA as the technology licensor for the paraxylene unit. IOC will pay 21.57 million dollars to UOP as technology transfer fee and all service leading to the commissioning of the plant.

Bureau Report