German investment bank Deutsche Bank and Turkish state-owned LNG company Botas have finalised a $927 million three-year loan for LNG purchases.
On 13 July, Deutsche Bank announced closing a €925 million ($927 million) three-year loan facility with Botas.
The loan is guaranteed by the Ministry of Treasury and Finance and designed to finance Botas for its future LNG purchases and diversify its sources of natural gas imports.
Responsible for 95 per cent of gas supplies in Turkey, Botas will diversify its spot LNG purchases from suppliers mainly in Europe and the Middle East. It will use the facility to buy LNG from a list of pre-agreed international natural gas suppliers based in the U.S., Asia (Singapore), Europe (France, Germany, Italy, Spain, Switzerland, and U.K.), and the Middle East (Algeria and Qatar).
Orhan Ozalp , CEO of Deutsche Bank AS Turkey said: “The deal constitutes an important step in the ongoing development and focus of Deutsche Bank’s franchise in Turkey and confirms the bank’s continuous support and commitment to the country.”