OTTAWA, March 2 /CNW Telbec/ - Export Development Canada (EDC) announced it is providing a USD 48 million loan to Russia's Gazprombank to finance the purchase of Canadian-made systems that capture and process flared gas from Edmonton-based Thermo Design Engineering Ltd (TDE).
"Thermo Design's involvement in this project has great potential to significantly promote Canadian environmental technologies in Russia's oil and gas sector," said Benoit Daignault, Senior Vice-President, Business Development, EDC. "EDC's commercial support to Russian purchases of Canadian supply is built upon our partnerships in the Russian market, which have and will continue to open doors for Canadian companies in similar projects.
"EDC is a big supporter of Canada's leading-edge green technology sector, and these types of transactions help expand Canada's international reputation as a country that is developing innovative green solutions," added Mr. Daignault.
As EDC's financing partner in Russia, Gazprombank will provide the direct financing to the project operator to purchase the equipment from TDE. The project operator, ObGasProcessing, CJSC, is a subsidiary of Monolit LLC, member of the Roza Mira Group.
TDE's systems will allow the operator to capture significant amount of flare gas at a production site in the Khanty-Mansiysk Autonomous Region, an important area for oil and gas exploration and production in Russia. As of January 1, 2012 Russian legislation will require complete elimination of flared gas at hydrocarbon production sites.
TDE's processing equipment has been developed for maximum efficiency by the extensive use of waste heat recovery and a state-of-the-art control system. The equipment will be fabricated in Canada and will be fully modularized for efficient shipping to the plant site.
EDC maintains a permanent representation covering all Commonwealth of Independent States (CIS) markets out of Moscow, Russia, and regularly works with various financial institutions, local corporations and Canadian companies in the region. In 2009, EDC's business volumes in Russia and the CIS reached $1.26 billion.
Thermo Design Engineering Ltd is one of Canada's leading specialists in petroleum and natural gas process systems. Incorporated in 1979, it is a 100 per cent Alberta-owned company. Since its formation, it has provided excellence in engineering design and fabrication services to the oil & gas industries both in Canada and abroad. Innovation, reliability and economy have been the result. TDE has been supplying Oil and Gas Processing Plants to Russia since the early 1990's and Russia continues to be a key market contributing to growth in sales and employment during the recent global economic downturn.
Gazprombank (Open Joint Stock Company), founded in 1990, has become one of the leaders of the Russian banking sector, ranking among the top three banks in the market, according to its key performance indicators. Gazprombank as a universal financial institution delivers a wide range of banking and investment services covering over 45,000 corporate and about three million private clients.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for nine consecutive years.
SOURCE Export Development Canada
For further information: For further information: Media contact: Phil Taylor, Export Development Canada, Tel: (613) 598-2904, Blackberry: email@example.com