Canada-based Bankers Petroleum announced that it had finalized loan agreements with the International Finance Corporation and European Bank for Reconstruction and Development for reserve-based long-term financing of up to USD110 million. The credit will be used to fund capital requirements and working capital needs for the oil and gas company's projects in Albania.
It consists of two six-year revolving facilities, aggregating USD50 million each to be used for development of the Patos Marinza oil field; and two eight-year loans totaling USD10 million for environmental remediation of the oil field. "This $110 million debt financing is more than just a credit facility. It's a strategic
investment with two influential global organizations who have significant presence and initiatives in Albania,” Abby Badwi, President and CEO of Bankers, stated.
The facilities are funded equally by the EBRD and IFC, involving the firm’s wholly-owned subsidiary, Bankers Petroleum Albania Ltd. Bankers Petroleum (www.bankerspetroleum.com) holds heavy-oil assets in Albania and shale gas assets in the United States.
(www.balkans.com, 12/05/2009)