BSTDB Provides a USD 10 Million Loan to Support the Energy Sector of Romania
Press Release | 01-Aug-2002
The Black Sea Trade and Development Bank (BSTDB) signs a USD 10 million loan to support the restructuring and pre-privatization process of the Romanian largest oil company SNP Petrom. BSTDB’s loan is for a term of 8 years. Additional financing of up to the amount of USD 140 million is provided by the European Bank for Reconstruction and Development and a group of commercial banks, namely Bank Austria (Austria), Citigroup (USA), Credit Agricole Indosuez (France), Natexis Banques Populaires (France), Caja Madrid (Spain).The financial facility is to support the SNP Petrom refining, production and retail modernisation programme, which carries a strong environmental impact and convergence with EU standards. The successful completion of the programme will significantly improve the competitiveness of the Romanian leading state-owned industrial company, its good prospects for successful privatisation and the modernisation of the energy sector.
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. With an authorized capital of SDR 1 billion (approx. USD 1,325 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 45 projects totaling over USD 400 million.