BSTDB: The Black Sea Trade and Development Bank. Black Sea Oil & Gas Forum (Sofia, Bulgaria) March 2013
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1 BSTDB: The Black Sea Trade and Development Bank Black Sea Oil & Gas Forum (Sofia, Bulgaria) March 2013
2 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations The Black Sea Region forms both: An energy bridge between suppliers and consumers in the EU; and An exploration and production source for offshore resources. EU & Russia are key considerations for the In coming decades the EU & RU are to remain respectively the largest importer and largest exporter of natural gas in the world Building a Pan-European Energy Market (i.e. Energy Security) relies on unbundling, investment in interconnectors, diversification of supply, and of course Russia Most EU countries rely on imports of oil & gas (between %) 35% of EU oil comes from Russia & 40% of its gas Largest share of oil & gas supply comes from countries that do not apply OECD or WTO rules (and are usually politically controlled).
3 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations Primary Energy Consumption in the EU:
4 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations
5 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations EU s External Energy Policy Looking to align existing international agreements (primarily gas) with EU internal market rules and strengthening cooperation before they sign new ones. New certification procedure for Transmission System Operators owned by non- EU nationals is seen as insufficient to address perceived imbalance. EU has attempted to extend and deepen this by integrating neighbouring countries (e.g. UA signed Feb 2011). The effect on South Stream and Gazprom related projects is unclear. Diversification strategies that ignore RU are doomed to failure and/or low efficiency. Southern Corridor is key!
6 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations
7 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations Black Sea Countries Strategies BU: has signed a pipeline deal with Russia as wants to have role in transit as well as E&P. RO: Wants to have role in transit as well as E&P activities offshore. RU: Major energy exporter and seeks to have influence in region. TU: Looking to become a energy transit hub not only for RU, but also for AZ, Caucuses and the Middle East. UA: Highly dependent on RU, while striving to diversify sources. Transit pipeline is key but may lose independence. Shale Gas bonanza and the environmental considerations also weigh highly.
8 Black Sea Oil & Gas: Legal, Regulatory & Market Considerations Market / Financing Implication Building a Pan-European Energy Market will require over 1 Trillion of investment in the coming years. 19b priority gas pipeline projects identified & 6b electricity transmission projects already identified. In addition EU Countries have signed up to 20:20:20 Directive which requires further investment in Renewable production, energy efficiency and reducing GHGs. Private (bank /markets /corporate) financing challenged due to current financial malaise Sovereign / State financing limited due to reduced budgets and current targets Need for more Multilateral involvement (EIB, EBRD, IFC, BSTDB, etc.)
9 BSTDB At A Glance Headquarters: Thessaloniki, Greece First Operation: November 1999 Employees: 100 Shareholders: 11 countries of the Black Sea Region Authorized Capital: EUR 3.5 billion (doubled in 2008) Cumulative Portfolio: EUR 2.7 billion (257 projects) Active Portfolio: EUR 1.27 billion (106 projects) Credit Ratings: A3 by Moody s (July 2012) A-/A-2 from S&P (January 2013).The ratings are 5 notches higher that the average rating of the shareholders. BSTDB is the best rated financial institution in the Black Sea region
10 Shareholding Structure
11 Mandate and Development Impact Mandate Foster economic and social development of the Black Sea region Provide financing to public and private enterprises of the region Promote co-operation and integration among Member States Mobilize resources for the Black Sea region Development Impact Creation of jobs Productivity improvement Export development Environment protection Public infrastructure development
12 Outstanding Operations by Country (at 31/12/2012) Ukraine 10.35% Albania 5.44% Armenia 4.08% Azerbaijan 9.63% Turkey 20.26% Bulgaria 9.65% Russia 24.39% Greece 5.53% Georgia 2.13% Romania 6.31% Moldova 2.22%
13 Sectoral Distribution of Projects (Outstanding Operations at 31/12/2012) Telecommunications 3.09% Mining 0.00% Construction 3.84% Agriculture, forestry, fishing 0.00% Retail Trade 0.58% Services & Real Estate 7.61% Transport and Public Utilities 14.08% Manufacturing 14.21% Energy 11.74% Financial Institutions 44.86%
14 Operations by Product Type (Outstanding Portfolio at 31/12/2012) Equity 5.68% Guarantee 0.00% Trade Finance 3.05% SMEs 36.45% Project Finance 54.82%
15 Energy & Infrastructure Portfolio (at 31/12/2012)
16 BSTDB: Energy & Infrastructure Primary Type of Transactions: Project Finance Up to 35% Sponsor equity of about 30% and remainder co-financed Corporate Finance Well established Corporates with a strong record of healthy IFRS audited financials All projects must: Have a solid business plan & IFRS statements Pass KYC, Corporate Governance, and Creditworthiness checks of Sponsor / Borrower Pass due diligence checks (market, financial, technical, EHS, legal, etc.)
17 BSTDB Energy Portfolio (1) BU: Maritza East I Construction of 600MW lignite-fired power plant, owned by AES Participant in EUR 1.1b debt facility BU: Suvorovo Wind Farm Construction of 60MW wind farm, with Spanish sponsor Participant in EUR 62m debt facility RO: Petrom Corporate loan to largest Romanian oil & gas group to finance various components of strategic environmental program Participant in EUR 275m debt facility
18 BSTDB Energy Portfolio (2) TU: Koprubasi Construction of 74MW Hydro Power Plant Participant in USD 28m debt facility
19 BSTDB Energy Portfolio (3) UA: Alfa Nafta Finance expansion of gas filling station network USD 36m debt facility UA: Chornomornaftogaz Support development of existing oil & gas reserves on Black Sea USD 21m debt facility UA: Galnaftogaz Finance expansion of gas filling station network USD 44m debt facilites UA: Gas Transit Construction of compressor on existing Ananyev-Izmail gas pipeline. Participant in EUR 97m debt facility
20 Roman Matkiwsky Director, Energy & Infrastructure E: Thank You!
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