IFC Supports Gas Production and Community Development in Turkey and Romania
In Washington
Hannfried von Hindenburg
Phone: + 1 (202) 458-5613
Email: hvonhindenburg@ifc.org
Washington, D.C., March 15, 2007
— IFC, the private sector arm of the World Bank Group, has signed a loan
agreement to support natural gas development in Turkey and Romania. IFC
will also help improve social services in local communities. The $50 million
loan to the Turkish and Romanian operations of U.S.-based oil and gas producer
Toreador Resources Corporation will promote natural gas consumption as
a convenient and cleaner fuel.
The loan is designated to primarily
help finance the development of Turkey’s natural gas reserves in the Black
Sea’s South Akcakoca Basin. As part of the project design, IFC will assist
Toreador in building an integrated environment, health, safety, and social
management system that will transform the company’s community development
work into a more systematic program.
“Through IFC’s investment in Toreador,
we are forging a long-term partnership with a small but rapidly growing
company to develop domestic sources of natural gas in Turkey,” said Somit
Varma, Associate Director of IFC’s Oil, Gas, Mining, and Chemicals Department.
“At the same time, we are helping the company achieve and sustain
leadership in environmental best practices and social development. We
are pleased to support the growth of a junior oil and gas company, while
contributing to private sector investment in emerging markets.”
Shahbaz Mavaddat, IFC’s Director for
Southern Europe and Central Asia, added, “Support for private sector investments
in developing natural resources is key to IFC's strategy in the Southern
Europe and Central Asia region. With our investment, we are supporting
the local economy and helping to satisfy Turkey and Romania’s demand for
domestically-produced fuel.”
Doug Weir, Chief Financial Officer of
Toreador, said, “We are excited about this partnership with IFC, which
is integral to our growth in the Turkish and Romanian energy markets. We
look forward to developing a long-term relationship with IFC and benefiting
from its extensive regional and sector expertise.”
IFC, the private sector arm of the World
Bank Group, promotes open and competitive markets in developing countries.
IFC supports sustainable private sector companies and other partners
in generating productive jobs and delivering basic services, so that people
have opportunities to escape poverty and improve their lives. Through FY06,
IFC Financial Products has committed more than $56 billion in funding for
private sector investments and mobilized an additional $25 billion in syndications
for 3,531 companies in 140 developing countries. IFC Advisory Services
and donor partners have provided more than $1 billion in program support
to build small enterprises, to accelerate private participation in infrastructure,
to improve the business enabling environment, to increase access to finance,
and to strengthen environmental and social sustainability. For more information,
please visit www.ifc.org.
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