Loan from Black Sea Bank to support Energean’s Epsilon field in Prinos, 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 investment plans – in particular the development of the Epsilon and Prinos fields – and will also support its working capital needs and the finalization of structural expenses in the Prinos infrastructure complex.

Energean said the project will create jobs for providers of goods and services in the drilling and construction industries, as well as sustaining livelihoods in major 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 help Greece harness its indigenous natural resources for long-term economic growth, contribute to increasing tax revenues and develop exports in the region, ”said the president of BSTDB. Dmitry Pankin said, adding that it would have a big impact on development finance at a vital time when businesses are trying to recover from the global pandemic. “In addition, as we all commit to promoting renewable energy production and cleaner energy sources, a critical part of this process is to ensure that the transition is smooth and free from disruptions that could jeopardize the economy. shift to climate finance. The wise use of fossil fuels, in accordance with high standards of efficiency and pollution mitigation, remains a key element in ensuring the shift to greener energy production, ”Pankin said.

Managing Director of Energean Oil & Gas and Country Manager in Greece Katerina 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 production asset by several years. “It also demonstrates the confidence of the banking sector in well-structured and realistic development plans. Our aim is not only to further develop the hydrocarbon resources of the Gulf of Kavala, but also to convert Prinos into a carbon neutral industrial complex which will be a landmark in the Mediterranean, ”said Sardi.

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

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