March 14 (SeeNews) - Romania's EximBank said on Wednesday it has granted a $75 million (60.7 million euro) buyer credit to Grup Servicii Petroliere Holding as part of arranging syndicate financing to the group for a project in Greece.
The credit will allow GSP Holding to implement a Romanian export project amounting to $88.2 million in Greece, as part of an investment programme implemented by Greek company Energean Oil&Gas, EximBank said in a press release.
The investment programme will consist of engineering services, acquisitions, contractor works, installation of underwater pipelines, use of oil platforms and oil drilling works in Prinos area in the Aegean Sea on the Greek continental platform.
EximBank's buyer credit to GSP Holding is a segment of a total financing of $180 million granted in partnership with the European Bank for Reconstruction and Development (EBRD) and Black Sea Trade and Development Bank to Energean Oil&Gas.
"In our perspective this is a complete transaction because it underlines all our competitive advantages, allowing the bank to reach its strategic targets: supporting Romanian companies, especially the ones interested in expanding their operations on other markets and vast projects in priority economic domains with significant added value – implementation of this project involves new employment and using Romanian products from other local companies. In a whole, this export project has an 80% national content," EximBank Executive President Traian Halalai said.
GSP Holding is a Romanian group of companies with activities in offshore drilling and construction, shipping, engineering, aviation, onshore facilities, logistics and catering.
EximBank is a specialized institution actively involved for more than 25 years in supporting and promoting Romanian business environment. Its specific financial instruments are targeted exclusively to the corporate segment and are offered in advantageous terms to any type of companies such as SMEs, big companies, involved in international transactions or only active on local market.
($=0.8104 euro)