BSTDB Provides Guarantee for Russian Gas Deliveries to Greece
Press Release | 10-Mar-2020
The Black Sea Trade and Development Bank (BSTDB) provided a Letter of Guarantee of up to USD 52.6 Million to the Greek Prometheus Gas S.A. as payment security to the Russian Gazprom Export LLC. for the supply of natural gas from Russia to Greece via pipeline.
The operation will contribute to diversifying the energy mix and lowering the energy supply costs for Greece, while supporting Russia’s exports in the region.
“Promoting regional cooperation among Bank’s member countries and clean energy solutions in the Black Sea region are strategic objectives for BSTDB as a regional development bank. The operation will bring economic, environmental and social benefits to Greece and Russia, including increased sustainability of the energy market, lower utility costs for consumers and lower CO2 emissions,” said Dmitry Pankin, BSTDB President.
Prometheus Gas S.A. is a joint venture of Gazpromexport (50%) and Copelouzos Group (50%) founded in 1991 in Athens, Greece. The Company’s main objective is to promote the marketing of Russian gas in Greece and to develop the infrastructure required to enable and enhance the penetration of natural gas in the energy market of the region (gas related projects). In addition to the marketing of natural gas, Prometheus Gas is also active in the Real Estate sector. The stable increase in the use of natural gas coupled with the deregulation of the Greek market, create favorable conditions for the Company to further grow and establish itself as a leader in the regional gas markets.
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 are 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 EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org
Twitter: @BSTDB
