World Bank lends GAC US$35 million to buy six supply vessels

THE World Bank's International Finance Corporation (IFC) is lending GAC Group to the help global shipping, logistics and marine services provider acquire new vessels to support offshore oil operations.

The US$35 million loan to GAC from the Washington-based IFC will finance the group's purchase of up to six supply vessels to support offshore oil rigs. Three vessels will operate in Kazakhstan, while the others will operate in Africa and the Middle East.

"IFC is pleased to support the GAC Group, a reliable marine services and offshore supply vessel operator, to expand its services in Kazakhstan and in other markets. The project will have significant development impact in terms of greater efficiency, safety and training and transfer of industry best practices to local staff," said IFC infrastructure director Anita George.

Said GAC vice president Erland Ebbersten: "GAC's expansion underlines the group's commitment to the Caspian region. We believe we can contribute significantly to development of the energy infrastructure in the Caspian, and we welcome IFC's support in making this meaningful task possible for us."
(Source:www.schednet.com)