Photo by Patrícia Paixao
The International Investment Bank (IIB), based in Moscow, has granted a loan to Moldova's Trans-Oil, an agro-industrial group, which it will use for the acquisition of Romanian vegetable oil producer, Ultex.
The size of the loan has not been disclosed, but the money will be used for upgrading and developing the vegetable oil plant, as well as financing its operational needs.
The plant is based in Tandarei, in southeastern Romania, and Trans-Oil has the goal of bringing the Ultex facility back to full-scale operation.
A statement from the IIB said: "IIB funds combined with a considerable experience of Trans-Oil Group are intended to bring the plant back to full-scale operational cycle, providing a positive impact on the economic situation in the region and giving a new impetus to further active growth of the Romanian economy."
Trans-Oil is Moldova's larger buyer and exporter of oilseeds and cereals and operates 16 storage facilities across the country with a combined capacity of over 750,000 tonnes. The group also operates a terminal for sunflower oil and two grain terminals, as well as several transport, infrastructure and agricultural operations.
According to the IIB, Romania is one of the bank's most-active member states, with nearly €100-million of the bank's money being invested in projects in the country.
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