Monday, June 7, 2010

Supply Vessel Loan For Global Logistics Supplier

IFC Stump Up $35 Million to Support GAC's Oil Supply Ships
Shipping News Feature

DUBAI – KAZAKHSTAN – AFRICA – MIDDLE EAST - IFC, a member of the World Bank Group, who last year provided $14.5 billion in funding for the private sector to foster sustainable economic growth in developing countries whilst providing advice to governments and businesses, have agreed a $35 million loan for Dubai based logistics and shipping services group GAC. The money will finance the group’s purchase of up to six supply vessels to support offshore oil rigs.

Infrastructure is a global priority for IFC and three vessels will operate in Kazakhstan, while the others will operate in Africa and the Middle East. GAC is one of the first international marine operators in the Caspian. The company has more than 10 years of experience in the region, and is today the largest international operator in Turkmenistan.

Erland Ebbersten, GAC Group Vice President for Europe, Africa, Mediterranean, Black & Caspian Sea, said, “GAC’s expansion underlines the group’s commitment to the Caspian region. We believe we can contribute significantly to development of the energy infrastructure in the Caspian, and we welcome IFC’s support in making this meaningful task possible for us.”

Anita George, IFC Director for Infrastructure, said, “IFC is pleased to support the GAC Group, a reliable marine services and offshore supply vessel operator, to expand its services in Kazakhstan and in other markets. The project will have significant development impact in terms of greater efficiency, safety and training and transfer of industry best practices to local staff."

IFC’s support for GAC will also help improve employment prospects in a number of emerging markets as the majority of the GAC Group’s employees will be hired locally and will benefit from the company’s training programmes.

Photo : Sealing the deal at the GAC head office in Dubai: (L to R): Erland Ebberstan - GAC Group Vice President for Europe, Mediterranean, Africa, Caspian and Black Sea, Lars Latti – GAC Group CFO, Andrew Leach - GAC Group Vice President, Legal, and Anita George, IFC Director for Infrastructure.