Due to system updates, several of the bank’s services will be of-line in the following hours:

- the Internet and Mobile Banking services will be unavailable on 14th June 2019, between 23:30 – 05:30 (total duration: 6 hours)

- international payments through Internet Banking, Mobile Banking and Alo 24 will be unavailable on 15th June 2019, between 07:00 - 15:00 (total duration: 8 hours)

2017 06 DEC
Press release Construction of a waste-oil recycling facility, funded by a $38.7 million club loan granted by EBRD and BCR
  • The plant will be built in Oltenita, Calarasi County, by Green Oil & Lubes SRL, a company part of an international group belonging to an Indian investor
  • The total investment amounts US$ 56 million and the facility will have a processing capacity of 73,000-metric-tonne
  • The investment addresses a core issue of Romania’s transition to a sustainable and green economy by supporting a new recycling facility

Bucharest, December 6th, 2017 – The EBRD and Banca Comerciala Romana (BCR) are providing the Romanian company Green Oil and Lubes SRL with a US$ 38.7 million syndicated loan, on a club loan basis, for the development, construction and operation of a recycling plant for waste lubricant oils. Both banks acted as Mandated Lead Arrangers for this transaction and BCR also acted as Documentation, Facility and Security Agent.

The financing is part of a US$ 56 million investment programme by the company with the goal to build a 73,000-metric-tonne recycling facility in the south Romanian city of Oltenita. The plant will recycle waste lubricant oils and transform them into base oils for sale and reuse in the automotive and industrial sectors.

Green Oil and Lubes SRL is part of a group of companies established by the Indian engineer and businessman Mazarali Kamumiya Saiyed. The group will contribute US$ 26 million of its own resources to the investment programme, while the remaining US$ 30 million will be ensured by a term loan in equal measure signed by the EBRD and BCR. Under the same facility agreement, BCR will also provide US$  8.7 million for the financing of working capital needs and recoverable VAT related to the development of the project.

By supporting a new recycling facility, the investment addresses a core issue of Romania’s transition to a sustainable and green economy. Resource efficiency and recycling remain areas with significant room for improvement. On average every litre of lubricant oil generates 0.5 litres of waste lubricant oil. In Romania, only around 50 per cent of this waste is collected, and it is mainly used as fuel for producing heat, generating significant quantities of greenhouse gas emissions.

The new company expects to collect the majority of recyclable waste oil in the country and to create a product that is attractive and affordable for local customers. In addition, the construction of a brand-new facility will include a significant transfer of skills and technology, while providing approximately 70 new jobs.

Matteo Patrone, EBRD Regional Director, Romania and Bulgaria, said: “We are pleased and honoured to partner with a strong and dynamic company such as Green Oil and Lubes in this exciting venture. It is a highly innovative greenfield investment in Romania and one that focuses on the circular economy and the environment. The success of this project will demonstrate how business considerations and green concerns are more and more intertwined in a modern economy.”

Sergiu Manea, BCR CEO: "Co-financing environmental projects is one of the strategic directions of BCR and we are glad that we can contribute to an investment that addresses one of Romania's critical issues, that of recycling facilities. We are constantly preoccupied with the sustainable and efficient targeting of financial resources towards technology, infrastructure, education, environmental protection and, implicitly, the quality of life.”

Mazarali Kamumiya Saiyed, majority shareholder in Green Oil and Lubes, said: “We are honoured to partner with two major international banks in developing a unique project in Romania, in a strategic location, on the banks of the Danube river, which connects eastern and central Europe, allowing us to fully recycle waste oil that is collected in the region.”

 

Badea Clifford Chance acted as legal advisor to the lenders while Reff and Associates as legal adviser for Green Oil and Lubes SRL.

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The EBRD is a leading supporter of green energy. Under its Green Energy Transition approach the Bank aims to raise its investment in this area to more than 40 per cent of annual business investment by 2020. The EBRD is well on track to achieve this target.

The Bank is a leading investor in Romania and to date has invested €7.5 billion in some 400 projects in the country.

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Banca Comerciala Romana (BCR), a member of Erste Group, is the most important financial group in Romania, including operations of universal bank (retail, corporate & investment banking, treasury and capital markets), as well as specialized companies on the leasing market, private pensions, housing banks and banking services. BCR is No. 1 bank in Romania by number of clients and No. 1 bank by savings and financing segments. BCR is the most valuable financial brand from Romania, considering the degree of trust of the clients and the number of people for whom BCR is the main banking institution.

BCR offers a complete range of products and financial services through a network of 22 business centres and 18 mobile offices for companies and 513 retail units located in major cities across the country with over 10,000 inhabitants. BCR is the No. 1 bank in Romania on the bank transaction market, BCR clients having available the largest national network of ATMs – over 2,000 ATMs and POSs – over 15,200 card payment terminals to merchants, as well as full service Internet banking, Mobile Banking, Phone-banking and E-commerce. 

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ERSTE Group has provided about EUR 300 million financing for the development of the renewable energy sector (wind, solar, hydro and biogas) in Romania. Erste Group is one of the main financial service providers from the Eastern European Union. 46,700 employees serve 15.9 million clients in 2,700 branches from 7 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia). At the end of the third trimester of 2016, Erste Group had total assets in amount of EUR 206.8 billion, a net profit of EUR 1.18 billion, and also 1st rank common capital index (Basel 3 fully integrated) of 13.2%.

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BCR – External Communication 

Catalin Ionita, e-mail: georgecatalin.ionita@bcr.ro

This information is also available on our web page at: www.bcr.ro

For details regarding BCR products and services, we are kindly asking you to use the following contact modalities

 

InfoBCR

Web: www.bcr.ro

Email: contact.center@bcr.ro

TelVerde: 0800.801.BCR (0800.801.227), toll-free telephone number from all the national networks. 

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