Thus, Petrom could obtain total financing worth €550 mln from EBRD and the European Investment Bank (EIB). EIB already approved a €250 mln loan on 3 February for the financing of the construction of the 860 MW Petrobrazi power plant, whose total cost is estimated to be worth €500 mln.
The local fuel distribution market leader had already obtained two credit lines, the latest worth up to €500 mln from its mother-company and the other a €375 mln loan from five international banks.
Petrom has planned average annual investments worth €1.5 billion by 2012. The company has an annual cash-flow of some €700 mln.
“The proposed project consists in creating a framework which can be used for financing certain sub-projects that are part of a general strategic investment program in measures for improving the environment. This program targets rehabilitating or increasing the performance of Petrom’s exploitation and production facilities, and of its refining division in terms of environment, health, and security,” according to an EBRD announcement.
