DFF - Expert Petroleum

Location:

Romania

Project number:

48839

Business sector:

Natural resources

Notice type:

Private

Environmental category:

B

Approval date:

21 Mar 2017

Status:

Complete

PSD disclosed:

24 May 2017

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

The Project introduced debt financing to Expert Petroleum SRL (the "Company"), an oil field services company established in Romania, specialised in the enhancement of mature oil and gas fields. The Project contributed to the development of the market and supported the success of the Production Enhancement Contracts, while optimising its capital structure and investing into energy efficiency upgrade and production enhancement projects.

Project Objectives

The project also ensured adherence to strict environmental, energy-efficiency and social standards. The Company has fully implemented the Environmental and Social Action Plan on time and obtained the ISO 5001 certification.

Transition Impact

ETI score: 60

As a part of Transition impact, the Project has contributed to setting standards of corporate governance and business conduct (green economy transition by supporting energy efficiency upgrades) and demonstration of new products. The Company demonstrated that technologically advanced secondary hydrocarbon recovery can be run as an independent viable business.

Client Information

EXPERT PETROLEUM SRL

Expert Petroleum SRL is a limited liability company established in Romania.

EBRD Finance Summary

USD 5,000,000.00

Total Project Cost

USD 5,000,000.00

Technical Cooperation and Grant Financing

None.

Company Contact Information

David Martinon, Chief Executive Officer
info@expertpetroleum.com
+ 40 374 200 647
+ 40 317 801 093
www.expertpetroleum.com
Victoria Business Park B3 Building, 3rd Floor DN1, Sos. Bucuresti-Ploiesti 73-81 Sector 1, Bucharest, Romania

PSD last updated

05 May 2021

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
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 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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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