Ex-Im Approves $2 Billion Loans/Guarantees for Petrochemical Expansion in India
The Export-Import Bank of the U.S. approved a $1.06 billion direct loan and a guarantee of a $1.06 billion loan by JPMorgan Chase to Reliance Industries of Mumbai, India, for the export of American goods and services. The credit will…
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support approximately 12,300 U.S. jobs, according to bank estimates. Among the more than 65 exporters and suppliers involved in the transaction are Fluor Corp., Lummus Technology, Univation Technologies, Bechtel and ConocoPhillips. Reliance intends to increase the complex's petrochemical output by constructing a petcoke gasification unit. Reliance also plans to erect a refinery off-gas cracker with matching downstream units that will better integrate polymer and polyester production.