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Port of Poti

Georgia | Industrials

Identification Code:: OP/99/0110
Total Operation Cost:: 31.000.000 USD
Maturity:: 90 months
Operation Status:: BSTDB Approved Amount – Approval Date

10.000.000 USD – 14 Dec 2001
: BSTDB Signed Amount – Signed Date

8.000.000 USD – 19 Mar 2002
: Status:
Completed
Description and Purpose of the Operation:: The project involved debt financing for the construction and operation of a new oil terminal in the Port of Poti, Georgia. BSTDB’s financing was also used for purchasing and installation of oil tanks and handling equipment for an on-shore storage facility and construction of relevant infrastructure connecting the terminal to hinterland transport routes.
Countries of Operation:: Georgia (100,00%)
Financial Product:: Loans
Sector:: Industrials
Domain:: Private
Borrower/Client:: Channel Energy (Poti) Ltd, a joint venture company established in Georgia in May 2000 by the sponsor, Tower Holdings/Delta Petrol and Poti Sea Port (Georgia).
Co-Financers/Participants:: European Bank for Reconstruction and Development
Guarantors/Sponsors:: Tower Holdings-Delta Petrol Group, established in 1984 for the purpose of storing and transporting oil and gas from producing countries to end users.
Developmental and Regional Cooperation Impact:: The project had an important impact on the economy of Georgia and of the region, as it improved the facilities for transiting oil products from Azerbaijan to Western Europe, through Baku - Poti trans-Caucasus corridor. Additional export revenues have been generated in Georgia and Azerbaijan. The project boosted the services and trade in oil products between several member countries, such as Georgia, Armenia, Azerbaijan, Romania, Bulgaria, Turkey and Ukraine.
Environmental Classification and Impact:: Environmental analysis was completed in accordance with BSTDB's policy.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org