It is shown that the K -> pi pi matrix elements of the four-quark operator
Q_7, generated by the electroweak penguin-like diagrams of the Standard Model,
can be calculated to first non-trivial order in the chiral expansion and in the
1/Nc expansion. Although the resulting B factors B_7^(1/2) and B_7^(3/2) are
found to depend only logarithmically on the matching scale, mu, their actual
numerical values turn out to be rather sensitive to the precise choice of mu in
the GeV region. We compare our results to recent numerical evaluations from
lattice-QCD and to other model estimates.Comment: 10 pages, LateX, two figures (inserted). Improved comparison with the
lattice results. Results unchange