The Export-Import Bank of the United States and Indian Oil Corporation Limited (IOC) of New Delhi, India, have signed a credit agreement for a $75 million Ex-Im Bank loan guarantee to support the export of U.S. technology, equipment, and services to build a petrochemical refinery in Panipat City, India. Du Pont E I de Nemours and Co., Wilmington, DE, and UOP LLC, Des Plaines, IL, along with numerous other U.S. companies, will be suppliers on the transaction. The agreement was signed by Ex-Im Bank chairman Philip Merrill, IOC chairman M. S. Ramachandran, and ABN AMRO Bank group vice president of structured trade Jill Chen at a recent ceremony at Ex-Im Bank headquarters in Washington, D.C. "The signing is a major step toward concluding a transaction that will benefit both of our economies and our peoples," Merrill said at the ceremony. "It also signals a strengthening of the relationship between Indian Oil Corporation and Ex-Im Bank." ABN AMRO Bank is the arranger and guaranteed lender on the transaction. The Panipat plant will produce petrochemicals used in manufacturing plastic containers, artificial fibers used in man-made fabrics, and various other plastic products. Project completion is scheduled for September 2005. Indian Oil is the largest oil refining and petroleum product pipeline company in India, majority-owned by the government of India.