Energean Oil (EBRD-47822)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Specific Location
Gulf of Kavala
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 4, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Energean Oil and Gas S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Industry and Trade
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 200.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 24, 2018

Disclosed by Bank May 4, 2016


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Project Description

According to EBRD website, the project is a US$ 75 million loan to Energean Oil and Gas S.A, of which USD$ 25 million are expected to be syndicated, to a Greek oil company, for the further development of its existing offshore oil fields in the Gulf of Kavala in Greece.

This project will be improving the environmental and safety regulations and guidelines for the industry. It will also assist the company in raising its Environmental Health and Safety standards and procedures by adopting an Environmental Social and Action Plan. Finally, the Bank will provide technical support to the Greek government to achieve international best practice in the oil and gas sector.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)

ENERGEAN OIL AND GAS SA is a private company active in the exploration and production of oil and gas in the Mediterranean basin. Energean has a portfolio of producing assets in Greece and assets in exploration in Egypt and Israel.

Contact Information

Project Contact: Irini Smaragdi
Email Address: info@energean.com
Telephone No.: + 302108174200, + 302108174299
Website: www.energean.com
Office Address: 32, Kifissias Avenue, Atrina Center 151 25 Marousi, Greece

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.