15m euro Italian financing for Distrigaz

Natural gas distributor Distrigaz Nord will contract an up to 15 million euro loan from Italian EFI Bank by the month’s end. It will use the money to rehabilitate its gas distribution network, sources close to the talks say. “Distrigaz Nord will sign the contract for the loan in good terms by the end of the month, with 50% of the interest to be born by the Italian State. The loan matures in seven years and comes with a six-month grace period. It may be worth up to 15 million euros, available for projects aimed at rehabilitating the distribution network only,” the quoted sources told Ziarul Financiar. The loan will not require the Romanian State to secure it, according to Virgil Metea, Distrigaz Nord general manager. The company supplies natural gases to 20 counties in northern Romania. Distrigaz Nord is set to invest 700bn ROL this year. It will perform rehabilitation works on 250 km out of its 17,000 km gas duct network in 2003, its officials say. ZF