TURKEY: Ankara gas second stage financing concluded

26 April 1996

A financing package valued at $113.5 million for the second stage of the Ankara natural gas distribution project has been concluded at last. This clears the way for a contract awarded four years ago to a consortium led by the local Attila Dogan. I Canada's Export Development Corporation will provide 85 per cent of the package in export credits. The remainder, in the form of a commercial loan, has been arranged by ABN AMRO.

Financing for the scheme was originally to have come from Italy, but failed to win approval from Italian official export credit agency SACE. Attila Dogan was then forced to seek alternative funding sources and restructure its consortium. Partners in the consortium include its Calgary subsidiary Attila Dogan Design & Construction, and the latter's engineering sub-contractor, British Columbia Gas of Canada.

The consortium started initial market survey and engineering work for the contract in March, and hopes to deliver supplies of imported Siberian natural gas to some parts of the capital by the en of the year. The contract to connect about 200000 customers in the north and south of the city will take 39 months to complete.

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