Press Releases

IFC to Finance Opet Petrolcülük’s Marine Terminal and Distribution Network

In Washington, DC:
Georg Schmidt

Phone:+1 (202) 473 82934
Email :

Istanbul, Turkey, April 6, 2004—The International Finance Corporation, the private sector arm of the World Bank Group, will provide a $65 million loan to Opet Petrolcülük, an importer and retail distributor of petroleum products in Turkey.  The financing will support the construction of a greenfield marine terminal and tank storage facility and the acquisition of a small terminal, expanding Opet’s oil products storage capacity and retail distribution network.

IFC's investment is part of an $85 million financing package comprising loans from FMO and DEG for $10 million each. The loan financing consists of $25 million for IFC's own account and a syndicated B-loan with six other commercial banks for $40 million. The tenor of the B-loan sets a new benchmark for Turkey since the late 1990s and will help structure upcoming financings for other Turkish corporates.

“IFC will support a profitable, independent Turkish player in the petroleum distribution sector at an important phase in the company’s development,” said Rashad-Rudolf Kaldany, IFC director for oil, gas, mining and chemicals investments.  “Opet’s retail network is predominantly dealer-owned and operated, in most cases by independent families and entrepreneurs.  IFC is working with the company to find new ways to professionalize the dealer network through financial support and training,” he added.  

Khosrow Zamani, IFC director for Southern Europe and Central Asia, noted, "This investment highlights IFC's commitment to Turkey’s private sector development, which is the main engine of growth and the major creator of new jobs.” He added, "The proposed project will position the company well to meet the challenges of an increasingly liberalized fuel market.  The new terminals will enable Opet to enter into or expand operations in fuel trading, marine bunkering, fuel and chemical storage, and other related activities.”

IFC's portfolio in Turkey, including amounts mobilized from commercial banks, stood at $968.5 million as of end-December 2003. Turkey is the third largest exposure in IFC's portfolio of investments.  IFC's continuous activity reflects the improving investment climate in Turkey, greater opportunities in an increasingly broad range of sectors, and recovering private sector demand.

IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives.  IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.  From its founding in 1956, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries.  IFC’s committed portfolio at the end of FY03 was $16.8 billion.