San Isidro, Peru - (March 26, 2001) The U.S. Trade and Development (TDA) signed a grant today with the Peruvian National Oil Company, Petroperu, for US$346,000 to finance a feasibility study for the modernization of the Talara refinery. U. S. Ambassador to Peru John R. Hamilton and the Peruvian Minister of Energy and Mines Carlos Herrera Descalzi signed the grant at a ceremony in San Isidro, Peru.

The grant will assist in bringing the Talara refinery, which produces 60,000 barrels of oil per day, into compliance with the World Bank's recommended specifications for improving environmental protection. The key specifications include removal of lead from gasoline and lowering sulfur in gasoline, diesel, LPG and light fuel oil.

The estimated U.S. export potential for this project is between $70-150 million. The next step will be for Petroperu to select a U.S. engineering firm to do the study, following announcement in the Commerce Business Daily.

The U.S. Trade and Development Agency is an independent federal agency that assists in the creation of jobs for Americans by helping U.S. companies pursue overseas business opportunities. TDA provides American firms with market entry, exposure and information through the funding of feasibility studies, technical assistance, reverse trade missions and conferences. These efforts help American businesses establish a position in newly emerging economies.

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