BSTDB Extends a USD 18 Million Loan to the Rompetrol Group
Press Release | 03-Jun-2002
The Black Sea Trade and Development Bank will make available a USD 18 million loan to the Rompetrol Group NV (“TRG”). The loan with maturity of 5 years will be used to develop the production facilities of TRG’s refineries near Constanta and Ploiesti (Romania), as well as for the Group’s working capital needs. The loan has been guaranteed by the TRG’s two subsidiaries that own the refineries.This is BSTDB’s largest operation in Romania to date. It is expected to have a strong developmental effect not only in the country, but also in the broader Black Sea region. BSTDB will continue to focus its activities in working with major corporations in the energy sector.
The Rompetrol Group N.V. (“TRG”) is an international oil and gas company with the bulk of its assets and operations located in Romania. TRG is a key player in refining and marketing in Romania, with almost 30% in the domestic market of petroleum products.
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 1,3 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its Member Countries. Since the commencement of operations in 1999, BSTDB's Board of Directors has approved 44 projects and trade finance operations totaling over USD 371 million.