The bank last week unveiled plans to offer the multi-million Euro finance package to processing outfit Expur S.A to help it diversify. The firm is a subsidiary of French oilseed giant Saipol.
The company crushes rapeseed and sunflower seed, produces crude rapeseed oil, refined edible sunflower oil, as well as rapeseed meal, sunflower meal and biodiesel, for both domestic and export markets.
The EBRD financing will support Expur’s strategy to develop the rapeseed meal market and the cultivation of “high oleic” sunflower seed in Romania. “High oleic” sunflower seeds produce sunflower oil with reduced saturated fat content.
The EBRD said extra production of rapeseed meal could cut the cost of meat and dairy products to Romanian consumers. The cheaper and locally produced alternative to imported soy meal will help reduce the cost of animal feed to Romanian livestock producers, with the hope that savings are passed onto consumers, said the bank.
The loan to finance Expur's working capital requirements is in addition to existing €80m financing from the bank. Half of the new loan will be for the EBRD’s account, and the remaining amount will be syndicated to Société Générale and Rabobank.
"Since acquiring Expur in 2010, the Saipol Group has developed the processing of locally produced oilseeds, which benefits both Romanian economic development and trade within the European and Mediterranean countries. The support of the EBRD in this strategy is greatly appreciated," said Saipol CEO Yves Delaine.