The largest company in Bulgaria in terms of income - Lukoil Neftochim Burgas - received a credit line at the amount of EUR 420 million (USD 576 million) from several European banks, the Italian Export Credit Agency (SACE) announced.
The credit will serve for the modernisation of the refinery and the establishment of a hydrocracking unit, or hydrocracker, that should improve the efficiency of fuels production in Burgas. The value of the project, that started in 2012, is USD 1.48 billion. The completion of the facilities should take place until end-2014, while testing should begin in 2015 writes focus.The syndicated loan is record large for Bulgaria. Its term is 10 years, while SACE will cover 95% of its amount.
The banks providing the credit line are Societe Generale (coordinator), ING Bank, BNP Paribas and UniCredit. No information transpired on the interest rates and any collateral security, Capital Daily reports.