EximBank grants support to Petal company to implement a EU funded project

Bucharest, December 13, 2010 – EximBank has extended to Petal SA, one of the renowned producers of oil fixtures and equipment, three guarantees for State’s account devoted to projects into key economic sectors – for regional growth, amounting to Euro 1.5 million.

The guarantees extended by EximBank shall enable the company to achieve the investment project called “Oil fixtures output development, product range increased certifying ability in compliance with API (American Petroleum Institute) standards in order to boost products competitiveness in the domestic market and mostly in foreign markets”, as recipient of a 50% non-disbursable EU funding.

“The extension of such guarantee package testifies once again our involvement in two areas of paramount importance for the economic development, i.e. assistance granted to companies running EU funded projects, on the one hand and to those projects emboldening regional growth and employment opportunities. Further projects of the kind are being examined and hopefully successful in the next period.”, said Oana Nuta, Director of Communication in EximBank.

Petal has more than a 20 -year long tradition making oil equipment and over 30 years of expertise in making metallurgical fixtures. The implementation of the project relying on EU funding shall enable the company to increase its output capacity by 70%, i.e. the employees number up 20% to 360 people.

EximBank has amended the extension procedures of its up to Euro 1.5 million State guarantees, thereby requiring less documents and cutting off the replying time to 10 days only instead of a month as it used to be.

Companies expressing an interest in EximBank products may apply directly to the territorial units of the bank, located in Bucharest, Bacau, Brasov, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva and Iasi. Likewise further information may be reached at the website www.eximbank.ro or the address informatii@eximbank.ro on particular products and documents.

Splaiul Independentei, Nr. 15
Sector 5, Bucuresti
Tel: 021.405.30.90
Fax: 021.405.33.88

EximBank is a specialized bank granting assistance to the Romanian business environment by means of particular products in the range of financing, guarantee and insurance. EximBank is the reliable and supportive partner of those entrepreneurs aiming to develop a successful business.

13 December 2010