Bank TuranAlem receives the Award for the best deal of 200511.07.2006 / Press-service
"Trade Finance" presented "Deal of the Year 2005" Award to Bank TuranAlem for long-term financing of oil tankers import from Russia to Kazakhstan. Award ceremony took place in London on 29 June 2006.
BTA received the Award for the most complicated type of crediting – structured trade financing. It includes hedging – risk insurance of non-fulfillment of contract liabilities, long-term financing without participation of export credit agencies of insurance companies, risk sharing between financing bank and guarantor.
The deal was conducted with participation of companies working in emerging markets. Except BTA which attracted EUR 12.2 million for import financing of contract between Kazakh company Mobilex Energy Limited (importer) and Vyborg Shipbuilding Factory (manufacturer). Sumitomo Mitsui Limited (financing bank) and European Bank for Reconstruction and Development (guarantor) also took part in the deal.
The deal is a part of strategically important project – construction of oil loading terminal in Aktau port. Bank TuranAlem financed first stage of construction from own sources and later, in the end of 2005, refinanced the project through HSBC. Import financing is the second stage of the project. Financing period – 5 years