Clean Globe International is expanding its oil spill recovery centres to Russia and neighbouring countries. The expansion is financed by the EBRD, Nefco and Finnfund.
Clean Globe International (CGI) is part of the Finnish-owned Lamor Group, an expert in designing and developing oil spill recovery technology. Lamor is a market leader in the oil spill response market. CGI is specialised in offering the best possible available technology and practices when environmental catastrophes occur.
CGI offers also other environmental services such as waste management. In addition to these and the improved emergency responses, the CGI concept will facilitate local access to ongoing environmental training.
The EBRD will make a loan of €
30.5mn and Finnfund a loan of €
10mn to CGI. In addition all investors will make equity investments and eventually hold a total of 35% of CGI’s shares. Nefco’s share of the investment is €3mn
“In total, CGI is investing €107mn in this project. The investments made by EBRD, NEFCO and Finnfund total €47.5mn. We have to be a credible and reliable company so that oil companies, our biggest clients, and authorities take us seriously as well. The fact that EBRD, Finnfund and Nefco will be joining us as our partners increases our credibility,” says Bent Larsen, chairman of the Lamor Group.
“This Clean Globe concept is an excellent example of a project where many elements of Finnfund’s strategy are combined. There is Finnish technology being transferred to the target countries, the project has positive environmental effects and it is also a viable concept which can be multiplied and used in many locations globally,”; says Tarja Myllymki, director of business development in Finnfund.
“Our role and mission is to participate and share the risk in the early stages of this kind of development. Finnfund’s participation gives CGI a possibility to invest in our other target countries as well,” Myllymki continues.
Oil companies will be investing more and more to manage possible oil spills. There is a growing need for companies offering this kind of services.