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Asters Advises BSTDB on EUR 25 Million Loan to Concern Galnaftogaz

Asters Advises BSTDB on EUR 25 Million Loan to Concern Galnaftogaz

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Asters has advised the Black Sea Trade and Development Bank on its EUR 25 million short-term revolving trade finance facility to Ukraine's Concern Galnaftogaz.

"The loan will be used for the shipment of light-petroleum products and services from the EU and BSTDB’s member states including, among others, Bulgaria, Greece, and Romania to Ukraine," Asters informed. "By providing critical trade finance to Galnaftogaz, the BSTDB plays a key role in promoting Ukraine's economic development and resilience, supporting job preservation, and improving the quality of life of Ukrainian citizens."

Concern Galnaftogaz is a Ukrainian petroleum retailer company.

The BSTDB is an international financial institution that finances projects in the Black Sea Region. The bank has an authorized capital of EUR 3.45 billion and provides trade and project finance lending, guarantees, and equity participation in private companies and public entities in 11 member countries.

Asters had previously advised the Black Sea Trade and Development Bank on a USD 20 million loan to Concern Galnaftogaz back in 2018 (as reported by CEE Legal Matters on April 24, 2018). The BSTDB and Galnaftogaz partnership dates back to 2004, with more than USD 130 million in loans being provided by the bank in the meantime. 

Earlier this year, Asters also advised the BSTDB on its EUR 8 million financing to the Real Estate Development Centre for the construction of a 128-room hotel in Lviv, Ukraine (as reported by CEE Legal Matters on January 9, 2023).

The Asters team included Partner Iryna Pokanay, Counsel Gabriel Aslanian, Senior Associate Inna Bondarenko, and Associate Viktoria Zagreba.

Asters did not reply to our inquiry on the matter.

Asters at a Glance

Founded in 1995, Asters is the largest Ukrainian law firm with offices in Kyiv, Washington D.C., Brussels and London.

The Firm provides efficient transactional legal advice and represents clients on a broad spectrum of matters arising in the course of doing business in Ukraine. Asters has extensive industry-specific experience and plays a leading role in advising clients in various market sectors.

Asters’ 130-strong legal team combines world-class professionalism and quality with clear understanding of local realities so that our clients receive practically oriented advice in the most client-friendly manner. Asters’ lawyers received law degrees from the best European, Ukrainian and US law schools, including Yale, Harvard, Chicago University.

Asters has consistently remained at the top of the Ukrainian legal market throughout its history being acknowledged as Ukraine Law Firm of the Year by Who's Who Legal (2018-2022), The Lawyer European Awards (2020-2021), Chambers Europe Awards 2020 and holds top positions in the most authoritative international market reviews: The Legal 500, Chambers Global and Chambers Europe, IFLR 1000, Who's Who Legal, Best Lawyers.

Firm's website.