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Prometheus Gas

Greece, Russia | Utilities

Identification Code:: OP/18/0058
Total Operation Cost:: 47.559.496 USD
Maturity:: 14 months
Operation Status:: BSTDB Approved Amount – Approval Date

53.000.000 USD – 20 Sep 2019
: BSTDB Signed Amount – Signed Date

-25.895.700 EUR – 04 May 2020

-7.978.471 EUR – 02 Sep 2020

47.559.496 EUR – 09 Dec 2019
: Status:
Completed
Description and Purpose of the Operation:: The Operation aims to the provision of a Letter of Guarantee to Prometheus Gas S.A. for an amount up to USD 52,672,141.94 as a means of payment security for the benefit of its gas supplier, Gazprom Export LLC, regarding the supply of natural gas from Russia to Greece via pipeline.
Countries of Operation:: Greece (50,00%), Russia (50,00%)
Financial Product:: Guarantees
Sector:: Utilities
Domain:: Private
Borrower/Client:: Prometheus Gas S.A.is a joint venture of Gazpromexport (50%) and Copelouzos Group (50%) founded in 1991 in Athens, Greece. The Company’s main objective is to promote the marketing of Russian gas in Greece and to develop the infrastructure required to enable and enhance the penetration of natural gas in the energy market of the region (gas related projects).
Co-Financers/Participants:: N/A
Guarantors/Sponsors:: Prometheus Gas S.A
Developmental and Regional Cooperation Impact:: The Operation pertains to the underwriting of a Letter of Guarantee to Prometheus Gas S,A, which is a 50:50 joint venture owned by the Russian company Gaxprom Export LLC (50%) and the Greek corporate group Copelouzos Group as a means of payment security for the benefit of its gas supplier, Gazprom Export LLC. The Operation has significant elements of regional cooperation impact, enabling the supply of natural gas from Russia to Greece via pipeline, thus assisting the Hellenic Republic in increasing its energy security by diversifying its energy mix and assisting Russian Federation in increasing its export activity.
Environmental Classification and Impact:: Provision of a Letter of Guarantee to Prometheus Gas S.A, as a payment security for the natural gas supply from Russia to Greece via pipeline is associated with limited environmental and social (E&S) issues. The existing risks and impacts relate exclusively to the general E&S performance of Prometheus Gas S.A and whether these may generate financial and legal liabilities and reputational impacts, which may affect Prometheus in performing its gas-supply services to customers in legally compliant,safe and secure manner. Due to the nature of the operation it is assigned Category C as per the Bank's E&S screening categories.
Operation Leader:: Energy & Infrastructure
E-mail:: ei@bstdb.org