Ex-Im Bank approves $35 million loan guarantee sulfur plant in Iraq

Ex-Im Bank approves $35 million loan guarantee to sulfur plant in Iraq

5:16 AM, 12th November 2012
Ex-Im Bank approves $35 million loan guarantee to sulfur plant in Iraq
Fred P Hochberg, Chairman and President, Export-Import Bank of the United States.

MOSUL, IRAQ: The board of the Export-Import Bank of the United States (Ex-Im Bank) voted to guarantee a JPMorgan Chase loan totaling $35 million to Devco International LLC (Devco) of Tulsa, Okla, US for the design and construction of a sulfur purification plant in Mosul, Iraq. Ex-Im Bank’s financing will support approximately 380 US jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

The plant will process sulfur from underground deposits utilizing a priority process, Submerged Combustion Distillation, developed by CTI Consulting of New Orleans. The Al-Mishraq Sulphur State Company, which will own and operate the facility, plans to retail the purified sulfur output in Iraq for domestic use. Sulfur is a key ingredient in fertilizer and therefore is in demand within the agricultural sector.

“This significant transaction not only supports American small-business jobs here at home, but it also supports the sulfur and agricultural industries in Iraq. By providing a working-capital guarantee, Ex-Im Bank is demonstrating that we are always looking to support US exporters and grow our economy by creating quality jobs here at home,” said Fred P Hochberg, Chairman and President, Ex-Im Bank.

© Iraq Business News 

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