Translated version of this PSD: Russian
The EBRD is considering a syndicated loan of up to USD 200 million to Kom Munai LLP (“KOM”), a subsidiary of the Romanian oil and gas company OMV Petrom. KOM is the holder of a license that allows exploiting the Komsomolskoye hydrocarbons field in Kazakhstan.
The proceeds of the loan will be used by KOM to fund capital expenditures to sustain and expand production at the field and for the refinancing of loans received from companies within the Petrom Group.
The loan will support the operations of a private company in a sector widely dominated by the Kazakh state.
It is envisaged that the EBRD financing will have a positive demonstration effect by way of agreeing with KOM on an Environmental and Social Action Plan in line with the EBRD’s environmental and social policy. The potential for energy efficiency/savings will be assessed as part of the due diligence as well as the potential application of Western technologies and procedures.
Kom Munai LLP (KOM), a Kazakh entity majority-owned by OMV Petrom, will be the borrower of the loan. OMV Petrom is the leading private oil and gas company in Romania and the largest company in the country. It generates most of the Romanian domestic oil production and approximately half of its natural gas. Petrom has been listed on the Bucharest Stock Exchange (BSE) since 2001. The present shareholders are: Austrian OMV (51.01%), the Romanian Ministry of Economy (20.64%), the Property Fund (18.99%), and free float (9.36%).
Up to USD 200 million senior loan to KOM, a part of which will be syndicated. It is expected that the loan will benefit from a corporate guarantee from OMV Petrom.
Estimated total project costs are USD 200 million.
Categorised B (ESP 2008). The environmental and social due diligence will be conducted by independent environmental and social consultants and it shall include an independent environmental, social and health and safety audit of existing operations and facilities, a review of corporate environmental and social management systems and procedures, as well as an environmental and social analysis of the proposed investment. It should be noted that OMV Petrom has an environmental, health and safety management systems in place; the Environmental and Social Due Diligence (ESDD) will need to identify and asses to which extent such management systems have been implemented at the Kazakh-level assets. Potential impacts may be associated with the disposal of drilling mud and drilling sludge, treatment and disposal of produced water and associated gas flaring and risks of oil spills and leaks. The ESDD will need to identify potential issues and develop an environmental and social action plan containing required avoidance and mitigation measures. The ESAP will need to be finalised and agreed prior to Final Review.
OMV Petrom SA
22, Coralilor Street, Petrom City
Phone: +40 (3721) 60336
Fax. +40 (21) 206 9557
For business opportunities or procurement, contact the client company.
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Tel: +44 20 7338 7168
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