RLF - RED III (Petrol d.d. Ljubljana)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Up to EUR 30 million revolving working capital facility with a 3-year tenor to Petrol d.d. Ljubljana ("Petrol" or the "Company"), a joint-stock company listed on the Ljubljana Stock Exchange ("LJSE"). The transaction is aligned with and presented under the Resilience and Livelihoods Framework ("RLF"), as it aims to provide liquidity support to help the client and its customers to weather the energy crisis resulting from the war in Ukraine.

Project ID 53831

Status Complete

Location

Slovenia

Business Sector

Natural Resources

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Mrs. Rosana kolaris, Head of Treasury
rosana.skolaris@petrol.si
+386 40 841 011
www.petrol.si
Petrol d.d., Ljubljana Dunajska 50 1000 Ljubljana

Project ID 53831

Status Complete

Location

Slovenia

Business Sector

Natural Resources

Notice Type

Private

Environmental Category

Approval Date

20 Jul 2022

Disclosure date

05 Oct 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

RLF - RED III (Petrol d.d. Ljubljana) (Slovenian) (PDF, 0.28MB)

Project description

Project objectives

The facility will help with the Company's overall liquidity and at the same time will indirectly support the Company's investments in renewables and EV charging infrastructure (by preserving cash flow and ensuring financial stability).

Transition impact

ETI Score:65

ected transition impact of the project is driven by the need to address the current liquidity shortages of the Company resulting from a sudden, significant change in the business environment due to the war in Ukraine (Resilient TI quality). The project will also support the Company in its energy transition ambitions to low carbon economy, with the potential follow up engagement in financing green investments contemplated in the Company's decarbonisation plan. The EBRD liquidity support will enable the Company to continue with its investment into EV charging infrastructure, resulting in a greenhouse gas emissions reduction of 10.6kt of CO2e per year. In addition, the project will introduce high corporate climate governance standards with the specific commitments including to publicly adopt and make public disclosures in line with TCFD, to develop a Climate Corporate Governance (CCG) Plan with specific actions, timeline and commitments for implementation, and to develop additional decarbonisation targets (Green TI quality).

Client information

PETROL DD

Petrol Group is the leading energy supplier in Slovenia and a key player in SEE region, especially in Croatia. In 2021, Petrol Group reported EUR 5bn revenues, EBITDA of EUR 238m and a moderate leverage of 2.1x. Petrol is rated BBB- (stable outlook) by S&P as of April 2021.

EBRD Finance Summary

EUR 30,000,000.00

EUR 30,000,000

Total project cost

EUR 30,000,000.00

EUR 30,000,000

Additionality

Financing structure - crisis response, aiming to support the Company during the energy crisis and constrained availability of liquidity support from local banking sector; Risk mitigation - the EBRD liquidity support will (i) allow the Company to continue with its green investments and will help to strengthen relationship for the follow up engagement in
financing of sustainable investments; (ii) helps the Company to mitigate carbon transition risks and climate governance risks; Standard-setting -the Company will be working with the Bank to adopt high climate governance standards with the specific commitments.

Environmental & Social Summary

Categorised B (2019) and low-medium risk rating. The risks associated with a senior loan to an existing client under the Resilience and Livelihoods Framework Response can be identified and managed through the application of standard management and mitigation measures. This project is considered low-medium risk due to the proven capabilities of the client to address environmental and social issues through the existing project. The appraisal of this project was completed based on information available in the existing public reports, augmented through review of information provided by the company in response to the standard corporate ESD questionnaire. Future site visits are planned to verify conclusions of the appraisal and PR compliance, and if required to agree any corrective actions.

Company Contact Information

Mrs. Rosana kolaris, Head of Treasury
rosana.skolaris@petrol.si
+386 40 841 011
www.petrol.si
Petrol d.d., Ljubljana Dunajska 50 1000 Ljubljana

PSD last updated

05 Oct 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

Our story

How we invest in changing lives

What we offer for businesses

Search

RLF - RED III (Petrol d.d. Ljubljana)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)