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Ex-Im Bank readies Russian loan. (Export-Import Bank of the United States to finance loan for oil and gas industry)

Improved Recovery Week

| March 21, 1994 | COPYRIGHT 1992 Improved Recovery Publications. (Hide copyright information)Copyright

The Export-Import Bank of the United States is now ready to finance a $245 million loan to help the Russian oil and gas industry.

The loan would be the bank's largest to Russia so far, and its first under a controversial $2 billion program to rejuvenate that country's production, which has lagged drastically in recent years due to lack of technology. Originally proposed in late 1992, the $2 billion loan package underwent considerable negotiation throughout last year, particularly concerning a requirement for an out-of-Russia escrow account to repay the loan.

The $245 million loan would be made to Permneft, a …

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