ICBC provides EUR 175 million loan to Silivri Underground Natural Gas Storage Facility Project
Commitment amount
$ 220212533.28645265
Adjusted commitment amount
$ 220212533.29
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) [State-owned Commercial Bank]
Recipient
Türkiye
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government-guaranteed debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
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.
Additional details
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.
Number of official sources
2
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
BOTAŞ Petroleum Pipeline Corporation [State-owned Company]
Guarantee provider [Type]
Government of Turkey [Government Agency]
Loan Details
Maturity
5 years
Grace period
2 years