PANAMA
CITY, May 23, 2025 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior, S.A. ("Bladex") and African
Export-Import Bank (Afreximbank), alongside with other 16 financial
institutions have reached an agreement with Staatsolie Maatschappij
Suriname N.V. ("Staatsolie") a US$1.6
billion long-term senior secured financing facility.
The proceeds will support Staatsolie in partially refinancing
existing debt and funding its 20% working interest in the GranMorgu
upstream offshore oil project (the "Project") located in Block 58,
approximately 150 km of the coast of Suriname.
GranMorgu is one of the most significant
developments in the global energy industry. This transaction
represents the largest project financing transaction in Suriname's
history and paves the way for initial offshore oil production by
mid-2028. It will also provide Suriname with royalties, profit oil,
additional income taxes and dividends to support critical
investments in infrastructure, healthcare, education, and future
offshore developments.
The Project is being developed under a joint operating agreement
with TotalEnergies EP Suriname B.V., as operator. The offshore
development in Suriname's Block 58, is poised to generate over
6,000 jobs (direct and indirect) and inject up to $26 billion into the national economy (depending
on oil price), offering a transformative opportunity to alleviate
poverty and enhance public services in the country.
The credit facility, structured by Bladex, was successfully
syndicated with leading international, regional and local banks,
and investment management firms.
"We have built a solid financial foundation for Staatsolie to
participate in GranMorgu and possible future projects and are
embarking on a new phase of transformational growth for the company
and the country" said Annand
Jagesar, Managing Director of Staatsolie.
"This is a very exciting milestone for Bladex and Staatsolie.
The development of GranMorgu will more than double Staatsolie´s
production and provide Suriname with royalties, profit oil,
additional income taxes and dividends to support critical
investment in infrastructure, health, education, and future
offshore developments. We are happy and honored to help one of our
member countries to finance one of its most important projects in
its history" said Samuel Canineu, Chief Commercial Officer at
Bladex.
Recoverable resources in these fields are estimated to exceed
750 million barrels, making it one of the most significant
developments in the global energy sector. The project also stands
out for its low-carbon design, featuring a fully electric Floating
Production, Storage, and Offloading unit (FPSO) capable of
producing 220,000 barrels per day.
The FPSO has been designed with no routine gas flaring, full gas
reinjection, waste heat recovery, and continuous methane
monitoring, positioning GranMorgu among the most efficient upstream
oil project in terms of greenhouse gas emissions per barrel
produced in the industry. Additionally, the FPSO design will allow
for future satellite tie-ins, extending plateau production and
maximizing long-term national benefits. This flexibility marks the
beginning of Suriname's vast offshore oil potential, positioning
the country as a key player in the global energy market.
From an economic standpoint, capital investments in the Project
slightly exceed US$12 billion, with
Staatsolie contributing 20% (US$2.4
billion). Depending on price, the Project is expected to
generate over US$26 billion in
revenue for Staatsolie and the Government of Suriname over its
operational life, significantly boosting the country's economic
development.
About Staatsolie Maatschappij Suriname N.V.
("Staatsolie")
Staatsolie is Suriname's state-owned energy company, engaged in
exploration, production, refining, retail fuel distribution and
power generation. Staatsolie also has a working interest in two
gold projects in Surianame. Its mission is to develop energy
resources to maximize the long-term value for Staatsolie and
Suriname, Energizing a bright future for Suriname.
About Banco Latinoamericano de Comercio Exterior
("Bladex")
Bladex is a multinational bank founded in 1979 by the central
banks of Latin America and the
Caribbean to promote trade finance
and economic integration in the region. Headquartered in
Panama, with representative
offices in Argentina, Brazil, Colombia, Mexico and an Agency in the United States, the Bank provides financial
solutions to institutions and corporations throughout the region.
Listed on the New York Stock Exchange (NYSE: BLX) since 1992 and on
the Mexican Stock Exchange for more than 10 years, Bladex has
consolidated its presence in the international financial markets.
Its shareholder base includes central banks, government entities
and banks from 23 Latin American countries, as well as
institutional and private investors.
Contact:
Felipe Suarez, SVP Head of Loan
Structuring & Sindications
Tel: +(507) 210-8500
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content:https://www.prnewswire.com/news-releases/bladex-acts-as-global-coordinator-and-mandated-lead-arranger-for-staatsolie-us1-6bn-syndicated-credit-facility-302464274.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)