The project involves the introduction of an integrated IT system and modernisation and extension of the gas distribution network. SPP will use EBRD financing for a gasification programme, capacity expansion and purchase of IT systems in accordance with the EBRD's procurement rules for the public sector.
The project will contribute to the transition by supporting the current gas sector reforms and by improving standards in corporate governance and transparency (SPP will gain access to the EBRD's expertise in the area of international open tendering).
SPP is a 100 per cent state-owned enterprise engaged in the transportation and distribution of natural gas in the Slovak Republic. The company’s two primary activities are: (i) the purchase, transportation, treatment, storage and distribution of natural gas consumed by the Slovak domestic market; and (ii) the international transit of natural gas exported by Russia through the Slovak Republic to western and central Europe.
EUR 30 million take-and-hold stake of a EUR 150 million five-year, unsecured, fixed-rate bond issue arranged by Paribas. The bonds will be listed on the Luxembourg Stock Exchange.
EUR 30 million.
The project was screened B/1, requiring an environmental analysis of the impact associated with the proposed modernisation programme and an audit of the existing sites. Eighteen SPP operations were audited by independent international environmental consultants from August 1996 to September 1998. The audit report concluded that environmental risks have, for the most part, been identified and are well-managed. With respect to regulatory compliance, the independent reports concluded that SPP operations were in compliance with legal requirements effective in the Slovak Republic. As a result of the independent evaluation a comprehensive environmental action plan has been developed to ensure compliance with EU standards. The company will be required to provide the Bank with an annual environmental report summarising environmental issues and actions taken.
An environmental management system has been established at SPP to identify and assess all types of environmental impact, and procedures are in place to control and mitigate risks. The independent audit has concluded that implementation throughout SPP has already made a significant positive impact on the environmental performance of each operation.
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