Energean entered into a loan of 90.5 million euros with the Bank for Trade and Development of the Black Sea (TEAEP – Black Sea Bank). The loan will finance Energean’s investment projects mainly for the development of the Epsilon deposit but also for the further development of the other Prinos deposits, while it will support both the working capital needs and investments in the infrastructure of the Prinos complex.
This project will provide jobs in drilling services, in the construction sector as well as in the supply of goods, while it will also support the income of local communities in the conditions created by the ongoing pandemic.
Dr. Katerina Sardi, CEO and Country Manager of Energean in Greece stated:
“Our new cooperation with TEAEP is crucial for the completion of the development of the Epsilon field, which will extend the life of the only oil production in the country for several years. The conclusion of the loan also highlights the confidence of the banking sector in well-structured and “Energean ‘s goal is, in addition to the further development of the hydrocarbon deposits in the Gulf of Kavala, to make Prinos an industrial complex with a neutral environmental footprint that will be a reference point in the wider Mediterranean region.”
BSTDB President Dmitry Pankin said:
“After the successful start of our cooperation in 2018, the continued support of the Black Sea Bank to Energean highlights our commitment to help Greece utilize its natural resources that will lead the country to long-term economic growth, will contribute to increasing fiscal This cooperation will have a significant growth and economic impact in a critical period in which business is trying to recover from the global pandemic, in addition to the “Prudent use of fossil fuels, based on high standards of efficiency and mitigation of pollution, remains a key element in ensuring the transition to green energy production.”
Energean estimates that production from the vertical drilling of the Epsilon field, through the new Lambda platform, will begin during the first half of 2023.
Source From: Capital
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