2014 opens with the announcement of yet another major operation by SACE. Our insurance has indeed secured a €420 million loan to Russian oil giant Lukoil structured and delivered by Société Générale, BNPP Paribas, ING Bank, a subsidiary of ING-DiBA AG, and UniCredit. The line of credit is intended to support a supply for the modernization and expansion of the Burgas refinery in Bulgaria, allowing for greater environmental sustainability of the production site.
The works are carried out by Technip of Rome which has more than 1.100 employees, and boasts references for over 500 projects in 70 different countries.
The contract involves the construction of a hydrocracking plant for the transformation of heavy residues from petroleum processing into distillates and low sulfur content fuel oil. The new plant will make it possible to improve the production efficiency of the refinery and the quality of the products, guaranteeing greater environmental sustainability of the production site.
A few weeks after the conclusion of the Italian-Russian summit in Trieste, Russia confirms itself as a key market for Italian companies and the first foreign country, with an exposure of € 4,9 billion, in the SACE portfolio, present in the area with an office in Moscow.
The complete press release is available on the SACE website at this link.
SACE guarantees a loan of € 420 million to the Russian Lukoil
SACE guaranteed a € 420 million loan in favor of the Russian oil giant Lukoil structured and disbursed by Société Générale, BNPP Paribas, ING Bank, a subsidiary of ING-DiBA AG, and UniCredit, for works carried out by Technip of Rome.
Giampietro Garioni
He has been a consultant, both for banks and companies, in finance and internationalization matters. Previously he was a bank executive with positions in charge of corporate finance and structured finance and international finance director of a multinational telecommunications company. Author of five books and book chapters on the subject of internationalization support tools and corporate finance, he has written for various specialized magazines on the topics of finance, treasury, foreign trade, project finance. In particular, he was a member of the Scientific Committee of Ipsoa's "Taxation and International Trade" magazine. He was a lecturer at the Masters in International Commerce - MASCI of the University of Padua, and a contract professor in the course of International Corporate Finance (Master of International Economics) at the same University and at various other institutions, universities, banks, companies, chambers of trade and industry associations
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