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US group wins USD 35 million funding for Iraq project
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Saturday, 17 Nov 2012

US based Devco a chemical engineering firm has won approval from the Export and Import Bank of the United States for USD 35 million loan for the design and construction of a sulphur purification plant in Mosul, Iraq.

The Ex Im Bank voted to guarantee the USD 35 million JP Morgan Chase loan in a major financing that will support approximately 380 US jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

Mr Fred P Hochberg chairman and president of Ex Im Bank said that "This significant transaction not only supports American small-business jobs here at home, but it also supports the sulphur 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.

Devco utilizes as part of its design a modular concept that maximizes labour concentration in a fabrication shop environment. The company will design, procure, fabricate and pre assemble the plant in the US and then ship the plant in modular form to Iraq.

Upon arrival, Al Hawarth an Iraqi owned company, will re assemble the facility outside the riverside city of Mosul. The plant will process sulphur from underground deposits utilizing a priority process called the 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 sulphur output in Iraq for domestic use. Sulfur is a key ingredient in fertilizer and therefore is in demand within the agricultural sector.

Mr Lillian Labbat MD of JP Morgan said that "We are proud to support Devco in this important transaction which will create hundreds of American jobs. We see exports as a key driver of economic expansion. Our export finance capabilities and global footprint are what enable us to help small businesses to compete and to succeed."

Mr Doug Houston the owner and CEO of Devco said that "We are pleased with the support being provided to us by Ex-Im Bank on this critical project. Projects of this magnitude allow us to extend and expand our technical staff, while supplying significant job opportunities for our fabrication partners in several locations throughout the US. This project heightens the company's opportunity to provide additional US-based technology and equipment solutions for Iraq."

Source - Trade Arabia


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