Aquatech International Corporation, a provider of water purification technology solutions headquartered in Canonsburg, Pa., will export a wastewater recycle/reuse facility to an oilfield project in Oman with the help of a $23 million working capital loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).
The project is valued at over $100 million.
The facility will use MVC evaporation technology to desalinate and recycle wastewater generated by an enhanced oil recovery facility.
The loan from PNC Bank in Pittsburgh, Pa., will provide Aquatech with working capital to fulfill its contract to supply equipment and related services to Occidental Mukhaizna LLC, a subsidiary of Occidental Petroleum, and Contractors Technical Services LLC in Oman.
"Ex-Im Bank's ability to respond quickly to our requirements has been a key factor in our ability to win this breakthrough project that will propel Aquatech into an industry-leading position in the heavy oil market," said Venkee Sharma, Aquatech’s president and CEO.
"This transaction demonstrates how Ex-Im Bank can help U.S. exporters, especially small businesses such as Aquatech, obtain the funds they need to compete and break into developing markets such as Oman," said Ex-Im bank chairman and acting president James H. Lambright.