Istanbul, Turkey, January 31, 2008—
IFC, a member of the World Bank Group, today announced the signing of a
loan agreement with the Turkish company Delta Petroleum. The loan will
enable Delta, an independently owned oil products storage, logistics, distribution,
and trade group in Turkey, to provide petroleum producers and traders with
better access to foreign markets, fostering economic growth and regional
The $45 million loan will enable the
company to double its storage capacity in the Dortyol Ceyhan terminal from
300,000 to 600,000 tonnes, making it the largest independent oil storage
terminal in Turkey and the Mediterranean region. It will also allow Delta
to build a jetty with three additional berthing stations.
Mehmet Habbab, Chairman of Delta, said,
“As Turkey gains significance in the global energy and oil trade, the
Ceyhan region gains strategic importance. With the IFC loan, we are establishing
the Mediterranean’s largest independent oil storage facility with a port
of its own. The facility will allow the integration of refineries, petrochemical
plants, and oil pipelines in the region.”
The loan will help expand petroleum
trade among Turkey, the Mediterranean region, and the Middle East and support
the development of Ceyhan as the regional hub for petroleum products.
Shahbaz Mavaddat, IFC Director for Southern
Europe and Central Asia, said, “We are pleased to partner with Delta.
The investment will increase regional trade, which is key to economic growth
and development in emerging markets. As part of our strategy, we will continue
supporting the development of infrastructure in Turkey.”
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing private capital in local and international
financial markets, and providing advisory and risk mitigation services
to businesses and governments. IFC’s vision is that poor people have the
opportunity to escape poverty and improve their lives. In FY07, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through syndications
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,
About Delta Petroleum
Established as an independent company
in the early1980s by Tower Holdings, Delta is one of the largest oil storage
and logistics companies in the region, providing fuel storage, wholesale,
retailing, and LPG transport services in Turkey, the Middle East, and the
Black Sea. With approximately 600 employees, the Delta Petroleum is headquartered
in Istanbul. In addition to its storage services, since 2000 Delta has
been expanding its distribution network for fuel products and lubricants.
Delta also conducts oil trading in the region.
More information is available on the
company’s website at www.deltapetrol.com