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WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) has approved a $15.9 million credit guarantee facility to support the sale of U.S. equipment and services to Petro-Tech Peruana S.A. of Lima, Peru for oil and gas exploration and development off Peru's northern coast.

We are glad to support this project in Peru, which is an important market for U.S. exports, said Ex-Im Bank Chairman Philip Merrill. The transaction will create and sustain high-quality U.S. jobs, and it will also contribute to Peruvian economic growth.

Banco Santander Central Hispano, New York, N.Y., is the Ex-Im Bank-guaranteed lender that is providing the medium-term line of credit to Petro-Tech.

Petro-Tech, a wholly owned subsidiary of Petro-Tech International Inc., a Delaware-incorporated company located in Houston, will procure the goods and services from a variety of U.S. companies to support ongoing operations as well as expansion and exploratory activities that may include: 1) exploration of the Chira and San Pedro fields, 2) further development of the Block Z-6 area, 3) upgrade of a petroleum gas cryogenic liquefaction plant north of Talara city, and 4) procurement of equipment and services for seismic studies in Block Z-6.

Ex-Im Bank, the official export credit agency of the United States, is in its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. Ex-Im Bank's current portfolio in Peru totals $194 million. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information, visit www.exim.gov.