Reliance Industries receives $400-million bank loan for exports to India

Aug. 28, 2008

The Export-Import Bank of the United States (Ex-Im Bank) has approved a $400 million long-term loan guarantee to support US exports of equipment and services to Reliance Industries Ltd. (RIL) of Mumbai, India, for its onshore and offshore oil and gas E&P activities in the Krishna Godavari basin in the Bay of Bengal.

Offshore staff

WASHINGTON, D.C -- The Export-Import Bank of the United States (Ex-Im Bank) has approved a $400 million long-term loan guarantee to support US exports of equipment and services to Reliance Industries Ltd. (RIL) of Mumbai, India, for its onshore and offshore oil and gas E&P activities in the Krishna Godavari basin in the Bay of Bengal.

RIL will use the Ex-Im Bank-guaranteed financing for its purchases of US engineering services, oil field equipment, offshore platform support, and drill and well services. A small portion of the financing will be used to support ongoing work at the Jamnagar refinery, which received Ex-Im Bank support in 2007 and is currently under construction. The primary US exporters for this transaction include Bechtel Corp., J. Ray McDermott Inc., and Canyon Offshore Inc., among others.

08/28/2008