Big banks operating on the Romanian market, such as ING Bank, Citibank, ABN Amro or Alpha Bank, are vying for granting loans to the state-owned power companies, which have to get hundreds of millions of dollars for the consumer needs and their infrastructure modernising works. The banks are "feeding" the power sector's hunger for loans, especially since the state secures these credits.
The stake exceeds half a billion dollars, most of which is used for getting over the winter season. To secure the necessary gas and fuel oil supplies, the State guaranteed credits worth $200 million for Electrocentrale Bucharest and Termoelectrica, and another $130 million for Romgaz and the two natural gas distributors, Distrigaz Nord and Distrigaz Sud.
Moreover, Electrica is to borrow up to 200 million euros in the next period. The first loan, worth 1,200 billion ROL ($36m) has been signed on Saturday with ING Bank and BCR (Romanian Commercial Bank).
Electrica needs the money to connect all rural and urban areas to the power network, providing electricity to the homes included in the programme of the National Housing Agency (ANL), as well as for some major investment projects.
US bank Citibank is now negotiating two credits for the domestic gas suppliers. The first loan, worth $40 million will go to Distrigaz Sud, while the second, amounting to $28 million, will be granted to Distrigaz Nord, with the money to be used for financing part of the gas imports from Russia.
"We requested offers from twelve banks two months ago and nine of them replied. Among them, ING, ABN Amro and HVB, but Citibank's bid was finally selected," said Liviu Duinea, general manager of Distrigaz Sud.
adrian.mirsanu@zf.ro
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