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EXIM BANK GRANTS LARGEST-EVER LOAN TO RUSSIA TO FINANCE CATERPILLAR TRACTOR PURCHASE

 PEORIA, Ill., Feb. 25 /PRNewswire/ -- The Export-Import Bank of the United States approved today an $86.2 million direct loan to Russia's leading natural gas concern, GAZPROM, for the purchase of 295 Caterpillar D9N track-type tractors.
 "Without the ExIm loan, this sale wouldn't have been possible," said Glen Barton, Caterpillar group president. Cat faced stiff competition from Komatsu, which had arranged Japanese financing.
 The machines will be produced by the Track-type Tractor Business Unit in East Peoria, which is part of the Construction and Mining Products Division.
 U.S. House Republican leader Robert Michel and Senator Paul Simon were instrumental in helping secure the financing, which will lead to the export of about $100 million worth of Illinois manufactured equipment, parts and tools. It is the largest loan ever granted for a Russian project by ExIm, which finances purchases of U.S. manufactured goods and services overseas.
 "Congressman Michel and Senator Simon actively pursued our interests with ExIm to get this loan approved," Barton said. "Their efforts bolster our own endeavors to compete for business in the promising Russian oil and gas industry market."
 Production of the tractors is expected to begin in the second quarter, once the total financing package is in place. GAZPROM will make a 15 percent downpayment to Mitsui, the Japan-based trading company who arranged the purchase. The ExIm Bank loan represents 85 percent of the total sale.
 GAZPROM will use the equipment to expand exploration, drilling and distribution on the Yamal Peninsula Gas Fields north of the Artic Circle. GAZPROM controls 40 percent of the world's natural gas production.
 -0- 2/25/93
 /CONTACT: Marsha Hausser, public information representative of Caterpillar, 309-675-4803/
 (CAT)


CO: Caterpillar Inc. ST: Illinois IN: SU:

WB -- NY082 -- 0519 02/25/93 15:51 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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