Cairo, Egypt, April 15, 2013—IFC,
a member of the World Bank Group, is financing Petroceltic International
to expand the company’s operations in Egypt, Bulgaria, and Algeria to
promote the development of cleaner-burning natural gas for domestic use
and export.
IFC is co-lead arranger, along with
HSBC, for a debt facility of up to $500 million to fund Petroceltic’s
investment program to expand production in Egypt and Bulgaria, and support
the company’s forthcoming development work in Algeria. IFC is providing
a $100 million loan for its own account along with up to $400 million from
commercial banks.
“IFC has drawn on its deep experience
and relationships in emerging markets to arrange a finance package that
includes several new banks for our company,” said Petroceltic CEO, Brian
O’Cathain. “With its financing, IFC has been able to provide comfort
to other lenders looking to support our work in the region.”
Petroceltic is having a positive impact
in its core markets. The company is the only domestic producer of natural
gas in Bulgaria, which imports about 85 percent of its gas supply. In Egypt,
domestic gas production is declining, potentially falling short of the
country’s growing energy demand. In Algeria, the success of the company’s
exploration and appraisal activities is sending a positive signal to other
junior oil and gas companies seeking to invest in the country.
“Our financing to Petroceltic follows
IFC’s strategy to support companies in emerging markets with strong management
teams and assets that will provide local benefits to their host countries
and expand the global supply of cleaner burning natural gas,” said Lance
Crist, IFC’s Global Head of Oil and Gas.
About IFC
IFC, a member of the World Bank Group
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Petroceltic International
Petroceltic International plc is a leading
Upstream Oil and Gas Exploration and Production Company, focused on the
Middle East & North Africa (MENA), the Mediterranean basin and the
Black Sea. Petroceltic is headquartered in Dublin (Ireland) with
offices in Edinburgh, Algiers, Cairo, Varna and Rome and is listed on the
London Stock Exchange’s AIM Market and the Irish Stock Exchange’s ESM
Market. The Company has production, exploration and development assets
in Algeria, Bulgaria, Egypt, the Kurdistan Region of Iraq, Italy and Romania.
For more information, visit www.petroceltic.com
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