TR Monitor

DEUTSCHE BANK TO PROVIDE EUR 1BN LOAN TO BOTAS

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BOTAS Petroleum Pipeline Corporatio­n and Deutsche Bank AG are in the final stages of talks for a pioneering EUR 1bn (USD 1.1bn) loan to finance liquefied natural gas (LNG) purchases, according to Bloomberg News. The transactio­n marks the company ’s first loan for LNG imports and paves the way for similar deals to enable the diversific­ation of energy supplies. BOTAS will use the money to buy LNG from U.S. producers and traders in Europe. The loan guaranteed by the Treasury and Finance Ministry is expected to have a maturity of as long as five years and may be doubled later said those participat­ing in the confidenti­al talks. At current LNG prices, the funding could purchase about 1 billion cubic meters of gas, a small fraction of the more than 61 billion cubic meters Turkey consumed last year. Deutsche Bank, BOTAS, and the Treasury declined to comment.

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