Overview

ICBC provides EUR 175 million loan to Silivri Underground Natural Gas Storage Facility Project

Commitments (Constant USD, 2023)$203,439,884

Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•Hong Kong (China)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 18, 2019

First repayment (originally scheduled): Oct 17, 2021

Last repayment (originally scheduled): Oct 16, 2024

Geospatial footprint

Map overview

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The purpose of the project is to increase the capacity of the Silivri Underground Natural Gas Storage Facility from 2.8 billion to 4.6 billion cubic meters of gas. The facility is located in the vicinity of Alipasa Village (near TEM Kinali toll booths) in Silivri, approximately 65 km to the west of Istanbul. More detailed locational information can be found at https://www.openstreetmap.org/way/545891113

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia))

Receiving agencies

State-owned companies

BOTAŞ Petroleum Pipeline Corporation

Guarantors

Government Agencies

Government of Turkey

Loan description

ICBC provides EUR 175 million loan to Silivri Underground Natural Gas Storage Facility Project

Grace period•2 yearsInterest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On October 18, 2019, the Industrial and Commercial Bank of China (ICBC) and BOTAŞ Petroleum Pipeline Corporation (BOTAS) — a Turkish state-owned crude oil and natural gas company — signed an EUR 175 million loan agreement for the Silivri Underground Natural Gas Storage Facility Project. The loan carries a 5 year maturity and a 2 year grace period. Its interest rate is unknown. The Government of Turkey issued a sovereign guarantee in support of the loan. The purpose of the project is to increase the capacity of the Silivri Underground Natural Gas Storage Facility from 2.8 billion to 4.6 billion cubic meters of gas. The facility is located in the vicinity of Alipasa Village (near TEM Kinali toll booths) in Silivri, approximately 65 km to the west of Istanbul.

Staff comments

1. The Turkish project title is Silivri Doğal Gaz Depolama Tesisinin kapasitesini genişletmek or TPAO Silivri Yer Altı Doğalgaz Depolama Tesisi. 2. BOTAŞ Petroleum Pipeline Corporation (BOTAS) is the state-owned crude oil and natural gas pipelines and trading company in Turkey. The company was established in 1974 as a subsidiary of Türkiye Petrolleri Anonim Ortaklığı (TPAO). Since 1995, BOTAS is a wholly state-owned company.