BSTDB finances the expansion program of a major Ukrainian petroleum distribution company

News | 24-Jul-2007

Thessaloniki, 24 July 2007

An 8-year loan of up to USD 14 million from the Black Sea Trade and Development Bank will help petroleum retailer company Concern Galnaftogaz (Ukraine) to expand its network to cover all regions of the country.

The operation will involve the construction and modernization of gas filling stations network, including construction of full-scale service complexes across the country. In expanding its network, Galnaftogaz will emphasize applying best business practices and European standards.

Apart from consolidating and diversifying the local fuel supply base, the operation is also expected to have a solid regional cooperation effect from servicing regional transportation flows running through Ukraine and from delivering fuel transportation vehicles from Russia.

It is a second BSTDB financial facility offered to Galnaftogaz, following a USD 23 million loan provided in 2004 to construct 25 new gas filling stations.

****************

OJSC ‘Concern Galnaftogaz’ www.galnaftogas.com is a privately owned company registered in Ukraine in 2001. . The company is among the biggest owners of gas filling stations in Ukraine with a network of 219 modern filling complexes, mostly operated under brand name OKKO in Kyiv and 16 regions of the country.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,5 billion), the Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.