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IFC Supports Trade and Economic Growth in Mediterranean Region with Loan to Delta Petroleum


Contacts:
In Istanbul
B. Silan Genc        
Phone: +90 (212) 385-3029                        
E-mail: SGenc@ifc.org                          

In Washington D.C.
Zibusiso M. Sibanda
Phone: + 1-202-413-6998
E-mail: zsibanda@ifc.org


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 trade.

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.”

About IFC
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, visit www.ifc.org.

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