BUSINESS

Energean to get $180 million loan from EBRD

TAGS: Energy

Greek oil company Energean said on Thursday it has secured a $180 million loan from the European Bank for Reconstruction and Development (EBRD) and other banks to develop the Prinos oil field in the northern Aegean.

It has also agreed a deal for an extension to the existing $75 million EBRD loan facility.

The ongoing Prinos development includes drilling up to 25 additional wells and the construction of two additional platforms by 2021.

The company’s chief executive officer Mathios Rigas said Energean remains committed to increasing its investment in the Prinos basin.

[Reuters]

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