BSTDB Expands Cooperation with TransOil Group
Press Release | 03-Jul-2023
Financing to Bolster Moldova’s Agricultural Infrastructure and Regional Cooperation
The Black Sea Trade and Development Bank (BSTDB) has decided to extend with one year its existing USD 25 million pre-export finance facility to the Moldovan TransOil Group. Building on the successful utilization of the current financing, the BSTDB facility is part of a larger up to USD 200 million syndication arranged by ING, aimed at meeting the seasonal working capital requirements of the TransOil Group. By extending this loan, BSTDB will enable TransOil in sustaining its resilience and increasing its export capacity primarily to other member countries of the Bank, including Türkiye.
The financing is expected to have a positive impact on both the Moldovan and Romanian economies, considering the company will be exporting from its plants in the above countries. It emphasizes the BSTDB’s commitment to supporting its member-countries facing challenges, particularly in the midst off the ongoing conflict between Russia and Ukraine and the subsequent ramifications in the neighbouring countries.
Dr. Serhat Köksal, President of BSTDB, said: "TransOil Group is a prominent actor of the agricultural sector of Moldova and a valuable partner. We are pleased to continue our partnership through the extension of our current facility. We believe this loan will be pivotal in supporting TransOil Group’s operations resilience, enhancing their export capacity and fostering greater cooperation with countries of the Black Sea region.»
TransOil Group started its grain and agro-trading activities in the Black Sea region in 1996, when the company’s founders launched agribusiness activities in the Republic of Moldova and Ukraine. As of today, TransOil is the largest buyer and exporter of grain and oilseeds in Moldova, with a unique and integrated system of sourcing, processing, storing, and transportation of commodities. The Group operates 16 storage facilities all over Moldova with a capacity to store over 750 thousand tons of various grains at a time and three edible oil production plants with a total crushing capacity of 600 thousand tons. It also owns two grain terminals and a sunflower oil terminal in Moldova, as well as a number of agricultural, processing, transport and infrastructure enterprises in Romania and Serbia
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 “Baa1” by Moody’s. For information on BSTDB, visit www.bstdb.org.
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