LUKOIL: €420 million for the modernisation of a Bulgarian refinery

abarrelfullabarrelfull wrote on 07 Jan 2014 09:34
Tags: bulgaria europe lukoil refinery

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Société Générale Corporate & Investment Banking, acting as Global Coordinator, MLA and Lender, BNP Paribas Corporate & Investment Banking, acting as Facility Agent, MLA and Lender, ING Bank, a Branch of ING-DiBa AG acting as Environmental Agent, MLA and Lender, UniCredit Group acting through UniCredit Bank Austria acting as MLA and Lender and UniCredit SpA acting as MLA and SACE Agent and SACE have successfully closed a 10 year EURO 420 million SACE backed export credit facility to Lukoil Neftohim Burgas AD (“LNB”), a subsidiary of OJSC “Oil Company “LUKOIL” (OAO “LUKOIL”), one of the world’s leading vertically integrated oil & gas companies.

This export credit facility, 95% covered by SACE, is intended to finance the modernisation of the Bulgarian refinery.

The plant is being constructed under a lump sum turnkey EPC contract that LNB concluded with Technip, a world leader in project management, engineering and construction for the energy sector.

This project is executed by Technip’s operating centre in Rome, a leading company in Italy in the oil and gas industry, with a track record of more than 500 major projects in over 70 countries in both onshore and offshore sectors.

The successful closing of the transaction was possible thanks to:

  • The strong involvement and support provided by OAO ‘LUKOIL”,
  • The strong support and co-operation of LNB,
  • The co-ordination and co-operation among the five banks and SACE in structuring the financing,
  • The good co-operation between LNB and Technip during the different phases of the project.
  • And finally the co-operation between LNB, Technip, the five banks and SACE during the structuring and finalization of the financing.

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