The Black Sea Trade and Development Bank (BSTDB) is to provide up to US$21mn long-term corporate loan to OPET Petrolc uk AS (OPET), one of the leading petroleum companies in Turkey.
The proceeds of the loan will be utilised for the financing of OPET Retail Network Expansion Programme including possible acquisition of storage facilities. The project has a great importance for OPET to show its credibility in the international market.
At the signing of the loan agreement, Mustafa Gurtin, president of the BSTDB says: “We believe that this long-term corporate loan to Opet will contribute to the improvement of the petroleum distribution sector in Turkey, and help further develop the trade potential of Opet with the other BSTDB member countries. We also expect this project to eventually stimulate the development of competitive energy sector in the Black Sea region.”
OPET Petrolc uk is a privately-owned Turkish company active in the distribution and marketing of refined petroleum products and lubricants in Turkey with more than 1,100 retail gas stations under the OPET and SUNPET brands. The company has strong market presence and, in terms of the market share, is claimed to be the fourth biggest company in the petroleum distribution segment in the country.
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 is in Thessaloniki, Greece. With an authorised capital of SDR1bn (US$1.4bn), the bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects supporting both public and private enterprises in its member countries. Since the commencement of operations in 1999, BSTDB’s board of directors has approved more than 50 projects and trade finance operations totalling over US$530mn.