Deutsche Bank AG approves credit for Turkish Petroleum Corporation
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The biggest bank in Germany will loan 925 million euros to BOTAS for Liquefied Natural Gas (LNG) purchases
Citing a written statement, Bloomberg HT reported that the loan provided by Deutsche Bank AG will have a maturity of at least three years and will be guaranteed by the Ministry of Treasury and Finance of Turkey. Deutsche Bank also stated that the loan could be increased.
State-owned energy importer BOTAS will use the loan to finance the purchase of LNG from the US, Singapore, France, Germany, Italy, Spain, Switzerland, the United Kingdom, Algeria, and Qatar. Orhan Ozalp, CEO of Deutsche Bank Turkey, said that the bank would “support selective projects” in the transportation, infrastructure, and energy sectors in the future. This marks the first time that BOTAS took an international loan to finance LNG purchases.
