• Natural Gas News

    Botas taps $400mn loan to cover gas bills: press

Summary

The Turkish company is also lining up a $1.1bn loan from Deutsche Bank to cover LNG purchases.

by: NGW

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Corporate, Financials, News By Country, Turkey

Botas taps $400mn loan to cover gas bills: press

Turkish state gas company Botas has secured a $400mn short-term loan from two local banks to cover its gas bills, and is lining up €1bn ($1.1bn) financing from Deutsche Bank to purchase LNG from US suppliers and European traders, Bloomberg reported on April 21 citing sources.

Like other gas importers across Europe, Botas is struggling with soaring gas import costs as a result of the global energy crisis. Turkish domestic gas prices are largely subsidised, meaning Botas cannot pass this burden onto consumers.

Turkey gets pipeline gas from Azerbaijan, Iran and Russia, and it also has two LNG terminals.