BSTDB loan to TransOil Group to Bolster Export Development from Moldova
Press Release | 15-Jan-2024
Expansion of the company’s transshipment capacity of grains and vegetable oils
The Black Sea Trade and Development Bank (BSTDB) is providing a new EUR 10 million short-term facility to TransOil Group, Moldova. The BSTDB financing will support the working capital needs of the Group and help the company expand its exports of sunflower products and other agricultural commodities primarily to other member countries of the Bank, including Romania and Türkiye.
The loan is expected to significantly benefit the Moldovan economy, which has been impacted by the Russia-Ukraine conflict, emphasizing the Bank's commitment to supporting its member countries facing challenges.
According to Dr. Serhat Köksal, President of BSTDB, "Trans-Oil Group is an excellent counterpart and a key agricultural sector player in Moldova. We are pleased to help them sustain their resilience and increase their export capacity and cooperation with countries of the region. While our focus is on bolstering the Moldovan economy, this financial support indirectly assists other Black Sea countries by addressing the trade and supply chain challenges arising from the ongoing conflict.”
Vaja Jhashi, CEO at Transoil Group, said, “We are pleased to have increased our cooperation with Black Sea Trade & Development Bank, our long-standing partner, with this new transaction dedicated to the origination of Moldovan goods. Despite the geopolitical environment, Trans-Oil Group is fully dedicated to the grain origination in the region with substantial investments contributing positively to the global food supply chain and, in this respect, Black Sea Trade & Development Bank’s support is key for the Group.”
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. For more information: www.bstdb.org.
Contact: Haroula Christodoulou
Phone: +30 2310 290533
: @BSTDB
