Nine offers were received within the procedure and contracts have already been signed with some of the biggest international financial institutions including Citibank Europe, ING Bank, UniCredit Bulbank AD and the International Bank for Economic Co-operation. The advance payment to Consortium Arkad, who is already building the gas pipeline network, totals BGN 250 million (and 50 million VAT); payments to Ferrostaal Balkangaz, who will construct the two compressor stations (Rasovo and Nova Provadia), total BGN 140 million (and 28 million VAT). The repayment term for the remaining sum of the gas pipeline is 120 months as of its commissioning, and for the compressor stations, 24 months.
The ensured finance allows Bulgartransgaz EAD to comply with the obligations in line with the contracts signed under the project, and will at the same time generate a significant positive effect of more than BGN 2 million. This is possible as the interest levels of US dollars (which is the currency of the collateral) on global markets are significantly higher than the euro rates.
