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Project OXY



Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

21 Jul 2023



PSD disclosed:

03 Aug 2023

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.

Project Description

Provision of a EUR 31.5 million long-term loan to OXY Technical Gases d.o.o., a limited liability Company established in Croatia, to construct and operate a green-field air separation unit ("ASU") in the city of Velika Gorica, Croatia (the "Project").

Project Objectives

The Project will increase industrial gas volumes available in Croatia and potentially cover other countries in the Western Balkans as well as Slovenia.

Transition Impact

ETI score: 60

The transition impact of the Project will be derived from the Competitive and Integrated quality. The Project will support operational changes of Croatian operation of both Sponsors leading to a significant competitiveness improvements. The Project will also lead to the increase of net Foreign Direct Investment inflow in the country.

Client Information


OXY Technical Gases d.o.o. (the "Borrower"), a limited liability company organised in Croatia as a JV, 60% owned by SIAD S.p.A. ("Sponsor") and 40% owned by SOL S.p.A. ("co-Sponsor").

The Sponsor is a leading Italian chemical group producing a full range of technical gases, mainly for industrial, medical and food use as well as provides design, engineering and manufacturing solutions in that space.

The co-Sponsor is a leading Italian chemical company that produces, sells and distributes a complete range of products and services, mainly grouped in two integrated and synergic business areas: (i) Technical Gases and (ii) Home Care.

EBRD Finance Summary

EUR 31,500,000.00

Total Project Cost

EUR 51,500,000.00


EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions e.g. a longer tenor and grace period that is rarely available in the market. Such financing is necessary to structure the project.

Environmental and Social Summary

Categorised B (2019 ESP). The environmental and social due diligence (ESDD) was carried out by Environment and Sustainability Department (ESD) of the EBRD and included the review of E&S Questionnaires, follow up E&S interviews with the project Sponsor as well as review of additional comprehensive EHS documentation. The findings of the ESDD showed that the project complies with EU and national legislation for environmental impact assessment and the national screening procedure confirmed that no EIA is required. An Environmental and Social Action Plan (ESAP) has been developed. The ESAP includes requirements to obtain other permits in line with the national requirements. When the Borrower is established, it will need to develop an Environmental and Social (E&S) Management System and procedures (to cover (i) policy; (ii) identification of risks and impacts; (iii) management plans; (iv) emergency preparedness and response; (vi) stakeholder engagement; and (vii) monitoring), as well as to appoint EHS Manager, in order to fully comply with requirements of PR1. The Borrower's corporate policies and procedures will be developed based on the policies and procedures of the Sponsor, who together with co-Sponsor represent the two shareholders in OXY Technical Gases d.o.o. In line with ESAP, Contractor Management Plan will be developed, outlining E&S mitigation and monitoring measures to be followed during the construction works.

The labour management and working conditions are set by Croatian labour legislation and mostly compliant with PR2. The Borrower is not expected to be labour intensive and is set up to manage and monitor the installation and operations of the new ASU employing not more than 10 people. The Borrower will check the minimum age of employment and has a Code of Ethics and Approved Supplier Programme that will be used in selecting the EPC Contractor in Croatia. ESAP stipulates the measure that the Borrower shall develop its own human resource policies and procedures based on established procedures of the Sponsor and Croatian regulation. The pollution prevention and control is adequately covered by existing equipment proposed by the design documentation and local EIA, including oil separators for management of oily run-off waters and waste management. ESAP stipulates mandatory monitoring requirements for soil and groundwater quality, groundwater levels and monitoring of noise levels during operational phase.  

OHS and community health and safety issues and compliance with PR4 will be ensured through development and implementation of Environmental, Health and Safety Plan, Traffic Management Plan covering the transport of equipment, H&S monitoring of contractors and Emergency Preparedness and Response Plan as stipulated by ESAP. Site is located in industrial zone in line with the local spatial planning documentation and away from residential areas, and the Borrower is covered by the Sponsor's risk management and crisis response procedures. Transportation of liquefied gas will be managed through special risk assessment tools and gas transporting vehicles' safety maintenance protocols reflected in the Transport Management Plan which will be developed as part of ESAP.

There is no land acquisition needs on this Project as the Sponsor has already acquired the land needed for installation and operation of the facility in the past, based on the commercial transaction. The Project is not planned in existing or planned protected areas, Natura 2000 site, IBA, or Ramsar sites. There will be potential for site clearing and site preparation, therefore ESAP stipulates to have a Chance Find Procedure in case of sudden discovery of archaeological objects during ground levelling, as well as management of invasive species registered on site (i.e. Ambrosia artemisiifolia, Erigeron canadensis and Erigeron annuus).

The Sponsor has identified local stakeholders but they need to be introduced to the new management of the Borrower when it is established. This will be managed through stakeholder engagement programme and external grievance mechanism, as suggested in ESAP. The Bank will monitor the implementation of the Project through review of annual reports provided by the Borrower and site visits when deemed necessary.

Technical Cooperation and Grant Financing


Company Contact Information

Marco Moreschi, President of the Board of Directors
+39 035 328111
+39 035 328111
Kalinovac 2a Karlovac, Croatia

Implementation summary

PSD last updated

03 Aug 2023

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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