Project OXY (EBRD-53247)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Croatia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Velika Gorica
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 21, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
OXY Technical Gases d.o.o.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 35.07 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 31.5
Converted using 2023-07-21 exchange rate.
Loan Amount (USD)
$ 35.07 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 31.5
Converted using 2023-07-21 exchange rate.
Project Cost (USD)
$ 57.33 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 51.5
Converted using 2023-07-21 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 3, 2023

Disclosed by Bank Aug 3, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists in the provision of a EUR 31.5 million long-term loan to OXY Technical Gases d.o.o., a limited liability Company established in Croatia, to construct and operate a green-field air separation unit in the city of Velika Gorica, Croatia.

The Project will increase industrial gas volumes available in Croatia and potentially cover other countries in the Western Balkans as well as Slovenia.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, OXY Technical Gases d.o.o. is a limited liability company organised in Croatia as a JV, 60% owned by SIAD S.p.A. (Sponsor) and 40% owned by SOL S.p.A. (co-Sponsor).

The Sponsor is a leading Italian chemical group producing a full range of technical gases, mainly for industrial, medical and food use as well as provides design, engineering and manufacturing solutions in that space.

The co-Sponsor is a leading Italian chemical company that produces, sells and distributes a complete range of products and services, mainly grouped in two integrated and synergic business areas: (i) Technical Gases and (ii) Home Care.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Società Italiana Acetilene e Derivati (SIAD) SpA Parent Company Industry and Trade
- - - - SOL SpA Parent Company Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - OXY Technical Gases d.o.o.:

Marco Moreschi - President of the Board of Directors
Email: Marco_Moreschi@siad.eu
Phone: +39 035 328111 / +39 035 328111
Website: www.siad.com / www.solgroup.com
Address: Kalinovac 2a, Karlovac, Croatia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.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: pcm@ebrd.com 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

How it works

How it works