BSTDB contributes to the increase of energy resources in Ukraine
Press Release | 02-Nov-2007
A 7-year corporate loan of up to USD 21 million from the Black Sea Trade and Development Bank will help the Ukrainian exploration and production oil-and-gas company NJSC Chornomornaftogaz to strengthen its core activities, i.e. prospect, extract and supply of oil and gas.
The BSTDB financing that will among other support drilling, repair works of wells of all types, equipping deposits, constructing underwater pipelines, special works in the soil and water, is expected to have solid development impact in Ukraine by assisting the country to increase output of energy resources.
This is the second BSTDB financing to Chornomornaftogaz, following a USD 20 million loan extended to the company in August 2004. “Over the years we have developed solid business relationship with Chornomornaftogaz and this project is an important step in fulfillment of our priority to contribute to the further development of the energy sector in our member-countries”, said Andrey Kondakov, BSTDB Vice-President Banking singing the loan agreement.
Since the beginning of its operations, the BSTDB’s portfolio in Ukraine stands at USD 350 million granted to 20 projects.
****************
Chornomornaftogaz is an oil and gas production company belonging to the state-owned Naftogas of Ukraine. The company carries out prospecting and exploratory drilling on the shelf of the Black Sea and the Azov Sea. It builds fixed maritime platforms and underwater pipelines, develops gas and oil deposits and operates a gas storage facility. The primary objective of Chornomornaftogaz is to provide gas to Crimea and Southern Ukraine and initiate gas exports to European countries.
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.