The EBRD informed that together with the IFC, a member of the World Bank Group, it will provide €20 million in loans to support the expansion of Bulgarian fuel supplier Bulmarket DM.
The funds are intended to help Bulmarket DM introduce cleaner fuels and diversify the energy sources available to Bulgaria’s smaller businesses, EBRD said in a statement.
With €10 million loans from each EBRD and IFC, Bulmarket DM will expand its existing network of liquefied petroleum gas terminals and build a new terminal to store and distribute liquefied natural gas. This will position Bulmarket DM to become the first importer and distributor of LNG in Bulgaria.
During a recent visit to Bulgaria, EBRD’s First Vice President Phil Bennett met with Stanko Stankov, the owner of Bulmarket DM and discussed the Bulgarian energy market and the company’s expansion plans.
The project is consistent with the LNG Masterplan of the European Commission’s Innovation and Networks Executive Agency, which supports the development of LNG terminals along the Rhine-Main-Danube river axis, the statement added.