Black Sea Bank mortgage to help Energean’s Epsilon area in Greece’s Prinos

The Black Sea Trade and Development Bank (BSTDB) is offering a mortgage of as much as €90.5 million to Energean Oil and Gas, the Greek oil and gasoline producer mentioned on January 4. According to Energean, the proceeds will fund Energean’s funding plans – specifically the event of the Epsilon and Prinos fields – and also will help its working capital wants and the finalization of structural expenditures within the Prinos infrastructure complicated.

Energean mentioned the challenge will create jobs for suppliers of products and providers within the drilling and building industries, in addition to sustaining livelihoods in key Greek companies amidst the on-going Covid-19 pandemic.

“Following the successful start of our cooperation in 2018, BSTDB’s continued support to Energean underlines our commitment to help Greece harness its indigenous natural resources for long-term economic growth, contribute to increased fiscal revenues and develop exports in the region,” BSTDB President Dmitry Pankin mentioned, including that it’s going to have an essential growth finance impression at an important time when companies attempt to get well from the worldwide pandemic. “Furthermore, while we are all committed to promoting renewable energy generation and cleaner energy sources, an essential element of this process is to ensure that the transition goes smoothly, and without disruptions that may undermine the shift to climate finance. Judicious use of fossil fuels, according to high standards of efficiency and pollution mitigation, remains a key part of ensuring the shift to greener energy generation,” Pankin mentioned.

Energean Oil & Gas Managing Director and Country Manager in Greece Katerina Sardi mentioned the corporate’s new collaboration with the Black Sea Trade and Development Bank is essential for the event of the Epsilon Oil Field that can prolong the lifetime of Greece’s sole hydrocarbon producing asset for a number of years. “It also demonstrates the confidence the banking sector has to well structured and realistic development plans. Our goal is not only to further develop the hydrocarbon resources in the Gulf of Kavala, but also convert Prinos into a carbon neutral industrial complex that will be a landmark in the Mediterranean”, Sardi mentioned.

Energean expects first oil from the Epsilon growth within the first half of 2023.


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