The IFC has offered a US$35mn loan to marine services provider GAC Group for the purchase of up to six supply vessels to support offshore oil rigs in Kazakhstan, Africa and the Middle East.
Three vessels will operate in Kazakhstan, where GAC has more than a decade’s experience.
Anita George, director for infrastructure at IFC, comments: “IFC is pleased to support GAC Group, a reliable marine services and offshore supply vessel operator, to expand its services in Kazakhstan and in other markets. The project will have significant development impact in terms of greater efficiency, safety and training and transfer of industry best-practices to local staff.”
While Kazakhstan has the Caspian region’s largest recoverable oil reserves, at around 5.5 billion tonnes, the country has largely been unable to exploit them because of a lack of infrastructure, support services and equipment.
Furthermore, financing for new vessels and equipment for the region is difficult to secure as the only route out of the area is frozen for up to six months of every year, which drives up entry and exit costs.
Erland Ebbersten, vice-president for Europe, Africa, Mediterranean and the Black and Caspian seas for GAC, adds: “GAC’s expansion underlines the group’s commitment to the Caspian region. We believe we can contribute significantly to the development of the energy infrastructure in the Caspian and we welcome the IFC’s support in making this meaningful task possible for us.”
Last Updated June 07, 2010
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