CHISINAU (Moldova), November 30 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Monday it lent $15 million (9.97 million euro) to Moldovan vegetable oil producer Floarea Soarelui to help it improve production and increase exports.
The project includes the purchase of a new oilseeds dryer and toaster, which will help the company reduce the consumption of natural gas by almost two times and minimise the waste of raw materials, EBRD said in a statement.
The company will also introduce a separation hydration line for crude oil, which will improve the quality of crude oil and increase the efficiency of production, it added.
Floarea Soarelui, majority-owned by U.S. company W.J.Group, is one of the largest exporters and processors of grain and oilseed in the Commonwealth of independent states (CIS) and eastern Europe. It holds 40% of the edible oil market in Moldova and exports crude and bottled oil to EU countries, south-eastern Europe and the CIS.
EBRD said it has committed more than 325 million euro ($489 million) in various sectors of the Moldovan economy so far.