Circle Maritime Invest Loan II (EBRD-48105)

Countries
  • Kazakhstan
Where the impacts of the investment may be experienced.
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
Active
Bank Risk Rating
B
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 23, 2017
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
JSC Circle Maritime Invest
The holder of the loan, grant, or other investment.
Sectors
  • Transport
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)
$ 9.90 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)
$ 38.50 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 Apr 5, 2018

Disclosed by Bank Mar 21, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

This project provides financing to JSC Circle Maritime Invest, for the acquisition of two new build tugs for use in the Caspian Sea. 

The new tug boats will be built at a shipyard in the Netherlands, and will be chartered by Tengizchevroil LLP, a major oil producer in Kazakhstan or its primary contractors.

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

Circle Maritime Invest (CMI) is a joint stock company incorporated in Kazakhstan. CMI owns and operates a fleet of marine vessels employed in the Caspian Sea which provide maritime logistic upport and services, including to offshore oil developers in the region, however, CMI or its vessels re not directly involved in the exploration, extraction or transportation of oil or gas. CMI is an existing client of EBRD through the previous project signed in 2011.

Contact Information

Gulam Aliyev
Gulam.Aliyev@coc.kz
www.coc.kz

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.