Bank loan

Black Sea Bank loan to support Energean’s Epsilon field at Prinos in Greece

The Black Sea Trade and Development Bank (BSTDB) is providing a loan of up to €90.5 million to Energean Oil and Gas, the Greek oil and gas producer said on January 4. According to Energean, the proceeds will finance Energean’s capital plans – including the development of the Epsilon and Prinos fields – and will also support its working capital needs and the finalization of structural expenditures in the Prinos infrastructure complex.

Energean said the project will create jobs for suppliers of goods and services in the drilling and construction industries, as well as sustaining livelihoods in key Greek businesses amid the Covid-19 pandemic in Classes.

“After the successful start of our cooperation in 2018, BSTDB’s continued support to Energean underscores our commitment to helping Greece harness its indigenous natural resources for long-term economic growth, to contribute to increased tax revenue and to develop exports in the region”, declared the president of the BSTDB. Dmitry Pankin said, adding that it will have a big impact on development finance at a crucial time when businesses are trying to recover from the global pandemic. “Furthermore, as we all commit to promoting the production of renewable energy and cleaner energy sources, an essential part of this process is to ensure that the transition takes place smoothly and without disruptions that could jeopardize the transition to climate finance. The judicious use of fossil fuels, with high standards of efficiency and pollution mitigation, remains key to ensuring the shift to greener energy generation,” Pankin said.

Energean Oil & Gas Managing Director and Country Manager in Greece Catherine Sardi said the company’s new collaboration with the Black Sea Trade and Development Bank is crucial for the development of the Epsilon oil field which will extend the life of Greece’s only hydrocarbon producing asset for several years . “It also demonstrates the confidence of the banking sector in well-structured and realistic development plans. Our goal is not only to further develop hydrocarbon resources in the Gulf of Kavala, but also to convert Prinos into a carbon-neutral industrial complex that will be a landmark in the Mediterranean,” Sardi said.

Energean expects first oil from the Epsilon development in the first half of 2023.