BSTDB extends EUR 15 mln for most advanced RO offshore gas project

The Black Sea Trade and Development Bank (BSTDB) has provided a EUR 15 mln loan to the three companies that develop the most advanced of the several offshore natural gas projects in Romania's Black Sea: Black Sea Oil & Gas (project operator), Petro Ventures Resources, and Gas Plus Dacia.

The three, through their project company Midia Gas Development Project (MGD), are developing the Ana and Doina gas offshore fields.

BSOG is backed by the Carlyle Group and the European Bank for Reconstruction and Development (EBRD).

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.

(Photo source: Bstdb.org)