BSTDB Loan to Support MGD Project Offshore Romania
The Black Sea Trade and Development Bank (BSTDB) has provided a EUR 15 million loan for the Midia Gas Development (MGD) Project to develop the Ana and Doina gas fields offshore Romania. The loan is provided to three Romanian companies, namely Black Sea Oil & Gas S.A., Petro Ventures Resources S.R.L and Gas Plus Dacia S.R.L.
The BSTDB financing for the MGD Project is part of an existing financial package put together by international and domestic banks, including the European Bank for Reconstruction and Development, Credit Agricole, Societe Generale, Banca Comerciala Romana, Raiffeisen Bank International and BRD Group Societe Generale.
Being the first gas production facility in the Romanian Black Sea offshore built after 1989, the project will diversify the sources of gas supply in the country.
“We are glad to be associated with this project helping Romania tap its offshore reserves to promote more environmentally friendly solutions and enhance its competitive physical infrastructure. We hope our loan will create business opportunities for local entrepreneurs and provide long-term revenue flow for the country,” said Dmitry Pankin, BSTDB President.
Black Sea Oil & Gas SA is a Romanian based independent oil and gas company, targeting exploration and development of gas resources. Current portfolio is made up of XV Midia Shallow Block concession in the Romanian Black Sea where it is the operator and holds a 70% interest.
Gas Plus is the 4th largest producer of natural gas in Italy active in the main sectors of natural gas industry (e.g., exploration, production, purchase, distribution, sale to retail customers); holds 10% interest in the concession.
Petro Ventures, a private investment group, holds 20% interest 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 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, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA.
