Date:30/08/2008 URL: http://www.thehindubusinessline.com/2008/08/30/stories/2008083052080300.htm

US Exim Bank okays $400 m loan guarantee to Reliance Ind

Our Bureau

New Delhi, Aug. 29 The US Export-Import Bank (Exim) has approved a $400-million loan guarantee to Reliance Industries Ltd (RIL) to import equipment and services for oil and gas exploration and production work in the Krishna-Godavari basin.

“RIL will use Export-Import Bank’s guaranteed financing for its purchase of US engineering services, oil field equipment, offshore platform support and drill and well services,” the bank said in a press release.

The company is investing over $4.3 billion in phase-I to bring to production oil and gas it found in deep-sea off the Andhra Pradesh coast.

The bank said a small portion of the financing would also be used to support work at the export-oriented refinery at Jamnagar which is under construction. The 580,000 barrels a day unit had received support from the bank last year.