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Asters advises BSTDB on USD 20 million loan to Concern Galnaftogaz

Asters acts as a legal counsel to the Black Sea Trade and Development Bank (BSTDB) in connection with its USD 20 million financing to Concern Galnaftogaz, a leading Ukrainian petroleum retailer company.

A seven-year loan will assist the company to expand and upgrade its network of gas filling stations and meet its working capital needs. The project will generate new jobs and increased tax revenues in the country and will have a solid regional cooperation impact from servicing regional transportation flows. 

BSTDB and Galnaftogaz established their partnership in 2004.  Since then, the BSTDB has provided USD 87 million to Galnaftogaz, contributing to a notable growth of its business.

Asters' banking and finance team advising on the project consisted of partner Iryna Pokanay, counsel Gabriel Aslanian and associate Inna Bondarenko.

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The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s.

Asters is a full-service independent national law firm that has maintained a strong presence in Ukraine since 1995. Asters has extensive industry-specific experience and plays a leading role in advising clients in various market sectors. The Firm has consistently remained at the top of the Ukrainian legal market throughout its history. It is acknowledged as the Law Firm of the Decade by Ukraine's Legal Awards 2016.The Firm is also a two-time winner of the Law Firm of the Year: Ukraine and the CIS award (The Lawyer European Awards 2014 and 2015) and holds top positions in the most authoritative international and Ukrainian market reviews: The Legal 500, Chambers Global and Chambers Europe, IFLR 1000, Who's Who Legal, Best Lawyers, Expert Guides, and Top 50 Law Firms Annual National Ranking.

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