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September 20, 2020

EximBank to provide GSP with guarantee worth USD 70 M

EximBank will provide a guarantee worth USD 70 M to Grup Servicii Petroliere (GSP) company, which will build a gas pipeline in the Black Sea, EximBank writes in a press release. Under a contract between EximBank and Grup Servicii Petroliere, the bank will give a guarantee of USD 70 M to the oil group. The guarantee allows the enforcement of a contract worth USD 269 M, signed on November 19 by GSP and Stroygazmontazh of the Russian Federation, which has GSP building a natural gas pipeline in the Black Sea. The project also includes connecting the Dzhubga-Lazrevskoe-Sochi pipe to the main inter-continental gas pipeline between Russia and Turkey, in the town of Gorsky, Tuapse region. “The project with GSP was most important for us and we are delighted because we were able, once again, to support a large Romanian project abroad,” EximBank officials declared. Issuing guarantees is part of EximBank’s strategy of supporting the local business environment, with a particular emphasis on exporters. “We have a rich portfolio of guarantees, which can accommodate a wide range of businesses,” the EximBank officials added.

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