to Infrastructure CEE Gas Conference , 15-16 February 2017 Ksenia - - PowerPoint PPT Presentation

Ksenia Manyushis Principal banker, Natural Resources

CEE Gas Conference , 15-16 February 2017

OFFICIAL USE

Focus on Interconnectivity and Access to Infrastructure

Cumula lativ ive Busines iness Volu

• lume

me

• Mult

ltilater ilateral l fina nancia ncial l institutio ution.

• n. Mandate to

promote the transition to market economies by investing primarily in the private sector.

• Owned

ed by 65 countries ies plus us two

• inter

er- gover ernme nmental ntal bodies ies (the European Commission and the European Investment Bank). In 2016, China na became a member.

• In 2016,

6, EBRD inves ested ed EUR 9.4 bn bn throug ugh 378 operati ations

• ns, 82%
• f which in the private
• sector. More than EUR

115 bn has been invested to date in more than 4,800 projects.

2 15 30 45 60 75 90 105 2 4 6 8 10 12 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Net cumulative business volume (EUR bn) Annual business volume or ABV (EUR bn) Debt (LHS) Equity (LHS) Net Cumulative ABV (RHS)

Shar arehold eholdin ing Structu ture

EBRD region non- EU, 7% Japan, 9% USA, 10% Others 11% EU 28 countries 63%

Country Group

• up Portf

tfoli

• lio
• Distr

trib ibutio ion

South Eastern Europe 19% Cyprus & Greece, 2% Russia 10% Eastern Europe & Caucasus 18% Central Europe & Baltics, 15% Turkey 17% Central Asia 10% Southern & Eastern Med, 9%

Who we are

OFFICIAL USE

Where we are

• Operations

ions in 36 36 countr ntries ies across central and eastern Europe, central Asia, and the southern Mediterranean.

• In 2011, the Bank

expanded its region of

• perations to include

Egypt pt, , Moroc

• cco

co, Tunis isia ia and Jordan n (Southern and Eastern Mediterranean region

• r SEMED).
• In 2015, the Bank

was granted a special mandate to operate in Greece eece and Cyprus us until 2020.

• Lebano

non is in the process of becoming a country of

• peration.

3 EBRD RD Top

• p 5 invest

stees es in 2016 (EUR R m) 1 Turkey 1,925 2 Kazakhstan 1,051 3 Poland 776 4 Egypt 744 5 Bulgaria 621

OFFICIAL USE

EBRD Transactions: Case Studies Ungheni-Chisinau Gas Pipeline, Moldova – Gas interconnector

4

OFFICIAL USE

. EBRD Financ ance EUR 82 million loan jointly with EIB and EUR 10 million EU grant to the Republic of Moldova. Funds will be on-lent to VestMoldTransgaz (VMTG), the transmission system operator of the Romania-Moldova interconnector and the Project. Projec ect t EUR 92 million project to construct a new 120-km natural gas trunk pipeline, which will bring gas to Moldova's capital, Chisinau, from Romania. The pipeline will have capacity of 1.5 bcm/year and connect with the existing gas infrastructure at Ungheni. The EBRD worked in partnership with the EU, the Energy Community and SIDA. The latter provided cooperation funds for the Project’s technical, regulatory, environmental and social assessments. Risks and their ir mitigants gants Political/Regulatory Strong support from the EU, policy dialogue with the Government to ensure reform implementation, “Energy Sector Reform Action Plan” Gas Supply Harmonised transmission tariff; Romanian increase in gas production; coming on stream new gas pipeline projects such as BRUA Completion EBRD to support the PIU established by the Government (TC)

EBRD Transactions: Case Studies The Trans-Adriatic Pipeline Regional – Trans-national gas pipeline

5

OFFICIAL USE

Po Possible le Structure ture of Financ ancing ing Loans by EBRD of EUR 1.9bn A/B Loan and EIB and ECAs of EUR 4.6bn to TAP AG, constructor, owner and operator of the TAP pipeline, owned by six companies: SOCAR, Snam, BP, Fluxys, Enagás and Axpo. Projec ect t USD 6.2 billion for the construction of a 878 km cross-border natural gas pipeline with initial capacity of ca. 10 billion cubic metres per annum, to transport gas of the Shah Deniz field in Azerbaijan being the main export route for Caspian gas to Europe. Risks and their ir mitigants gants typic ical al to to such projec ects Construction Sponsors with experience who will support the project during construction phase Downstream-Upstream Interface Ship-or-pay contracts, very large sponsors support all projects Tariff/Sales/Volume The transportation agreements to be ship-or-pay, long-term; stable tariff; new gas discoveries and new sources can add to the shipping volumes Regulatory Crossing three countries – 2 HGAs to ensure consistency between the national laws and the project arrangements