Bladex Spearheads Major Syndicated Credit Facility For Staatsolie’s Offshore Oil Project
$BLX
In a landmark financial arrangement, Banco Latinoamericano de Comercio Exterior, SA (NYSE:BLX), commonly known as Bladex, has taken a pivotal role as the Global Coordinator and Mandated Lead Arranger in securing a substantial $1.6 billion syndicated credit facility for Staatsolie Maatschappij Suriname NV, Suriname’s state-owned energy firm.
This strategic financial maneuver is set to bolster Staatsolie’s involvement in the significant GranMorgu upstream offshore oil project, marking a historic milestone in Suriname’s economic development. The syndication, which includes a consortium of 16 prominent global financial institutions along with the African Export-Import Bank (Afreximbank), aims to provide Staatsolie with the necessary capital to refinance existing debts and fund its 20% working interest in the GranMorgu project.
The GranMorgu field is one of the most crucial developments in the global energy sector today, with recoverable resources estimated to exceed 750 million barrels. The project, operated by TotalEnergies EP Suriname BV, is expected to generate more than 6,000 direct and indirect jobs and could inject up to $26 billion into the national economy, depending on oil prices. With capital investments slightly over $12 billion, of which Staatsolie contributes 20% (approximately $2.4 billion), the projected revenue generation for Staatsolie and the Surinamese government over the operational life of the project is substantia
This influx is anticipated to significantly enhance public services in Suriname by funding critical infrastructure, healthcare and educational services through royalties, profit oil, additional income taxes and dividends. It features a fully electric Floating Production, Storage and Offloading (FPSO) unit designed with advanced environmental controls, including no routine gas flaring, full gas reinjection, waste heat recovery and continuous methane monitoring.
Bladex, established in 1979 and headquartered in Panama, has been a cornerstone in promoting economic integration and trade finance across Latin America and the Caribbean. This deal further underscores its commitment to supporting substantial economic projects within the region, enhancing its reputation as a leader in trade finance. The syndicated credit facility arranged by Bladex for Staatsolie’s participation in the GranMorgu project is a transformative development for both the company and Suriname. It not only supports significant economic growth and development in Suriname but also sets new standards in environmental responsibility in oil production.
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