Provision of short-term liquidity line in the amount of EUR 25 million that will allow Petrol d.d. Ljubljana (the "Company", "Petrol") to actively manage working capital needs across business lines in light of increased sales volatility caused by the Covid-19 outbreak.
This project was approved in the context of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to Covid-19, and this deviation, can be found on our website.
ETI score: 60
Main goal of this transaction is to preserve the transition impact of the portfolio operation (OpID 49369; DFF - Petrol DD Bond (f. DFF Project Red)) by providing the necessary working capital financing to address potential liquidity constraints in light of the pandemic.
Petrol is the leading Slovenian energy company with activities focused on sale and distribution of oil derivatives; generation, sale and distribution of electricity and heat; energy consumption optimization projects; comprehensive energy supply projects, and environmental activities.
The company is listed on Ljubljana Stock Exchange with a market capitalisation of EUR 658m as of June 22nd. The Slovenian government owns 31.8% of the company's shares through several vehicles; the other major shareholders include Ceskoslovenska Obchodni Bank i fiduciary account, Vizija Holdings (6.5%) and OTP Banka i fiduciary account; the remaining shareholders are numerous individuals and institutional investors.
Petrol is rated BBB- (stable outlook) by S&P as of October 2019.
EBRD Finance Summary
Up to EUR 25m senior loan with up to 2-year tenor to provide liquidity support needed to mitigate the impacts of Covid-19 on Petrol's operations.
Total Project Cost
EBRD financing is provided in the extraordinary circumstances of the Covid-19 crisis. Specific triggers for the Enhanced Additionality Approach will not apply.
Covid-19 crisis response: EBRD financing effectively bridges a liquidity gap due to adverse market conditions, e.g. the Covid-19 crisis.
Environmental and Social Summary
Category B (2019). The risks associated with a senior loan to an existing client under the Resilience Framework of the COVID 19 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. Given this risk rating and the need for urgent response under this framework, the appraisal of this project (which is ongoing) is based on information available in the existing public reports, augmented through completion of the standard corporate questionnaire, which has been provided to the client for completion. The bi-annual public sustainability reports provided by the client are of high quality with comprehensive pertinent information available, including reporting on numerous Sustainable Development Goals and implementation of BAT and EU Standards. A significant area of growth for this company is in the supply of renewable energy including biogas, wind and solar. Given the urgent need for response on this loan ESD propose to agree physical review of various facilities at a later date to verify onsite compliance with PRs and agree any actions, if required. There is no GET associated with this project.
Technical Cooperation and Grant Financing
Company Contact Information
Petrol d.d. Dunajska 50 1527 Ljubljana Slovenia
PSD last updated
24 Jun 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Independent Project Accountability Mechanism (IPAM)
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