BSTDB Supports Ukrainian Energy Sector
Press Release | 05-Sep-2011
The Black Sea Trade and Development Bank (BSTDB) will provide a USD 30 million loan to Galnaftogaz, Ukraine to finance the expansion of its retail network by 75 gas filling stations and the associated increase in working capital. The maturity of the loan is 9 years.
The total project cost is estimated at USD 210 million, co-financed by BSTDB, IFC, EBRD, FMO and commercial banks.
“The operation will facilitate the development of the energy sector in Ukraine and will help to create hundreds of new jobs. It also demonstrates synergies of development institutions in providing much-needed long-term financing in Ukraine” – said Mr. Mustafa Boran, BSTDB Vice President at the project signing ceremony in Lviv.
BSTDB developed a fruitful relationship with Galnaftogaz through two successful transactions closed in 2004 and 2007 for a total amount of USD 37 million resulting in a notable growth of the company’s business.
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Public Joint Stock Company “Concern Galnaftogaz” (Galnaftogaz) is an independent petroleum products distribution company in Ukraine. Galnaftogaz operates the third largest network of over 320 gas filling stations under the OKKO brand. Besides distribution of petroleum products, the Company participates in the consumer goods and services sales, petroleum wholesale market and provides logistics services to other distribution companies.
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. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is SDR 3 billion (appx. EUR 3,3 billion). BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s.
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