IFC extends $65 million loan to Turkish petroleum retailer Opet
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, will provide a $65 million loan to Turkey's Opet Petrolcülük, an importer and retail distributor of petroleum products.
The financing will support the construction of a greenfield marine terminal and tank storage facility and the acquisition of a small terminal, expanding Opet's oil products storage capacity and retail distribution network.
IFC's investment is part of an $85 million financing package comprising loans from FMO and DEG for $10 million each. The loan financing consists of $25 million for IFC's own account and a syndicated B-loan with six other commercial banks for $40 million. The tenor of the B-loan sets a new benchmark for Turkey since the late 1990s and will help structure upcoming financings for other Turkish corporates.
"Opet's retail network is predominantly dealer-owned and operated, in most cases by independent families and entrepreneurs. IFC is working with the company to find new ways to professionalize the dealer network through financial support and training," said IFC director for oil, gas, mining and chemicals investments, Rashad-Rudolf Kaldany.
IFC's portfolio in Turkey, including amounts mobilized from commercial banks, stood at $968.5 million as of end-December 2003. Turkey is the third largest exposure in IFC's portfolio of investments. — (menareport.com)
© 2004 Mena Report (www.menareport.com)