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8 February 2012

Asters Advises EBRD, IFC and BSTDB on USD 190 million Financing to Petroleum Giant Galnaftogaz

Asters has acted as a Ukrainian law counsel to European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Black Sea Trade and Development Bank (BSTDB) on the secured lending to Concern Galnaftogaz, a major Ukrainian petroleum distributor.

The aggregate financing package arranged by EBRD and IFC (with sub-participations by commercial banks), and BSTDB amounts to USD 190 million.

The financing will be used for modernization and expansion of Galnaftogaz' petrol filling stations network in the central and northern parts of Ukraine by up to 75 new petrol filling stations and associated increase in working capital.

The team advising on the project consisted of Asters partner Iryna Pokanay, associates Gabriel Aslanian and Oksana Muntyan working in co-operation with Allen&Overy acting as the English law counsel to the lenders.

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