May 24 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing debt financing of $5 million (4.47 million euro) to Romanian oil fields rehabilitation company Expert Petroleum.
The loan will help the company optimise its capital structure and invest into energy efficiency upgrade and production enhancement projects, the EBRD said in a press release.
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The bank expects the investment to have positive transition impact by setting standards of corporate governance and business conduct and by demonstration that technologically advanced secondary hydrocarbon recovery can be run as an independent viable business, it added.
In August, Expert Petroleum took over UK-based energy services group Petrofac Romania. With some 780 employees, Petrofac managed all aspects of the fields' activity on behalf of oil and gas group OMV Petrom.
Expert Petroleum, founded in 2005, specialises in the enhancement of mature oil and gas fields to make them safer, cleaner, more productive and economical for longer time.
In 2012, Expert Petroleum was awarded a large 15 years production enhancement services contract with OMV-Petrom for 13 mature oil and gas fields, some of them producing for more than 40 years, situated near Timisoara, in western Romania.
($= 0.8946 euro)