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Overview

ICBC Turkey participates in $250 million syndicated loan to Karadeniz Energy Group for Onur Sultan Powership

Commitments (Constant USD, 2023)$55,346,296
Commitment Year•2018Country of Activity•IndonesiaDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 1, 2018
Last repayment (originally scheduled)
Jun 30, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • ICBC Turkey Bank A.Ş.

Cofinancing agencies

Private Sector

  • Bank of America Merrill Lynch International Limited
  • Credit Suisse AG
  • Hana Bank Co., Ltd. (formerly KEB Hana Bank)
  • Siemens Bank GmbH
  • Standard Chartered Bank PLC

State-owned Banks

  • Arab Banking Corporation (Bank ABC)

Receiving agencies

Private Sector

  • Karadeniz Energy Group

Loan description

ICBC contributions to 250 million USD syndicated loan to Karadeniz Energy Group for Onur Sultan Powership

Interest type•UnknownMaturity•4.25 years

Narrative

Full Description

Project narrative

In April 2018, the Industrial and Commercial Bank of China in Turkey (ICBC Turkey), along with several other financial institutions (including Bank of America Merrill Lynch, Standard Chartered Bank, Bank ABC, Credit Suisse, Siemens Bank, and KEB Hana), issued a $250 million syndicated loan to Karadeniz Energy Group to help continue to finance the Powership Onur Sultan. ICBC Turkey contributed $55 million to the syndicated loan. Repayment of the loan was scheduled for July 2022, which implies a 4.25 year maturity length. The borrower was expected to use the loan proceeds for ship operations. The Powership Onur Sultan is a floating energy power plant owned by Karadeniz Energy Group. It has an installed capacity of 480MW. As of 2018, it was operating in Indonesia.

Staff comments

1. Karadeniz Energy Group is a subsidiary of Karadeniz Holding A.S.. Karadeniz Holding A.S. is a Turkish energy company which owns and operates land based power plants and powerships through its subsidiary Karpowership. It is based in Istanbul, Turkey. 2. This project is also known as Karadeniz Holding’s energy vessel project in Indonesia. 3. One official source (https://www.icbc.com.tr/en/images/pdf/EN5THYEARANNIVERSARY.pdf) indicates that the loan commitment date was February 20, 2018. This issue warrants further investigation.