According to EBRD website, EBRD is going to provide up to US$ 12.9 million to joint venture Mawy Kenar JVC, with a purpose of implementing the legacy of oil production activities in the Balkan region of Turkmenistan.
Mawy Kenar JVC use this investment for the capital needs and to acquire a mobile sludge treatment unit. The financing will also address the impact of Covid-19 on the company operations. The EBRD's support including with the project development and implementation will allow Mawy Kenar to build a solid base in Turkmenistan, becoming a profitable environmental remediation services provider that adheres to the highest standards and best practices and potentially expand its operations in the region
EBRD FINANCE SUMMARY
Up to US$ 12.9 million senior secured loan to Mawy Kenar in two tranches:
(i)Tranche 1:US$ 2.5 million for working capital needs.
(ii)Tranche 2: US$ 10.4 million for capital expenditure financing.
TOTAL PROJECT COST
ENVIRONMENTAL AND SOCIAL SUMMARY
Categorised B (ESP 2014). The proposed project involves a loan to Mawy Kenar Company for financing the working capital and acquisition of a mobile sludge treatment unit. Mawy Kenar is a provider of environmental remediation services, with specific focus on the clean-up of oil contaminated fields - a legacy of oil production activities in the Balkan region of Turkmenistan. The project activities will take place in brownfield areas within an existing environmental footprint and zone of degradation.
MAWY KENAR JVC
Mawy Kenar Joint Venture Company is a limited liability company organised and existing in Turkmenistan and owned by Gazyk IE, Benel Technical Services Inc (of Canada) and Hazar Balyk OJSC.
ACCESS TO INFORMATION
You can request information by emailing: email@example.com or by using this electronic form: https://www.ebrd.com/eform/information-request
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: firstname.lastname@example.org or you can submit a complaint online using an online form at: 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
Company Contact Information
Ataturk str. Berkarar Business Centre. 6th Floor. Ashgabat, Turkmenistan