BSTDB loan to support MGD Offshore Romania project
The Black Sea Trade and Development Bank (BSTDB) has granted a loan of 15 million euros to the Midia Gas Development (MGD) project to develop the Ana and Doina gas fields off Romania. The loan is granted to three Romanian companies, namely Black Sea Oil & Gas SA, Petro Ventures Resources SRL and Gas Plus Dacia SRL
BSTDB financing for the MGD project is part of an existing financial package set up by international and national banks, in particular the European Bank for Reconstruction and Development, CrÃ©dit Agricole, SociÃ©tÃ© GÃ©nÃ©rale, Banca Comerciala Romana, Raiffeisen Bank International and the BRD SociÃ©tÃ© GÃ©nÃ©rale Group.
Being the first gas production facility in the Romanian Black Sea offshore built after 1989, the project will diversify the country’s gas supply sources.
âWe are happy to be associated with this project which helps Romania to exploit its offshore reserves to promote more environmentally friendly solutions and improve its competitive physical infrastructure. We hope that our loan will create business opportunities for local entrepreneurs and provide a long-term income stream for the country â. said Dmitry Pankin, president of the BSTDB.
Black Sea Oil & Gas SA is an independent oil and gas company based in Romania, focused on the exploration and development of gas resources. The current portfolio consists of the XV Midia Shallow Block concession in the Romanian Black Sea where it is the operator and has a 70% stake.
Gas Plus is the 4th largest producer of natural gas in Italy active in the main sectors of the natural gas industry (eg exploration, production, purchase, distribution, sale to retail customers); holds a 10% stake in the concession.
Petro Ventures, a private investment group, has a 20% stake in the concession.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia , Turkey and Ukraine.
The headquarters of the BSTDB are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, lines of credit, equity and guarantees for projects and commercial finance in the public and private sectors of its member countries. The authorized capital of the Bank is 3.45 billion euros. BSTDB has a long-term rating of âA-â by Standard and Poor’s, âA2â by Moody’s and âA +â by the Russian rating agency ACRA.