Finnish oil spill recovery service centers to Russia and its neighbouring countries
15/05/2007
Clean Globe International is expanding its oil spill recovery centers to Russia and the neighbouring countries. The expansion is financed by EBRD, NEFCO and Finnfund.
Clean Globe International (CGI) is part of the Finnish-owned Lamor Group, an expert in designing and developing oil spill recovery technology. Lamor is a market leader in the oil spill response market. CGI is specialized in offering the best possible available technology and practices when environmental catastrophes occur.
CGI offers also other environmental services such as waste management. In addition to these and the improved emergency responses, the CGI concept will facilitate local access to ongoing environmental training.
Capital and credibility from the financiers
The EBRD will make a loan of EUR 30.5 million and Finnfund a loan of EUR 10 million to CGI. In addition all investors will make equity investments and eventually hold a total of 35 percent of CGI’s shares. NEFCO’s share of the investment is EUR 3 million
“In total, CGI is investing EUR 107 million in this project. The investments made by EBRD, NEFCO and Finnfund total EUR 47.5 million. We have to be a credible and reliable company so that oil companies, our biggest clients, and authorities take us seriously as well. The fact that EBRD, Finnfund and NEFCO will be joining us as our partners increases our credibility,” says Bent Larsen, Chairman of the Lamor Group.
Finnish technology also to other countries
“This Clean Globe concept is an excellent example of a project where many elements of Finnfund’s strategy are combined. There is Finnish technology being transferred to the target countries, the project has positive environmental effects and it is also a viable concept which can be multiplied and used in many locations globally,” says Ms Tarja Myllymäki, Director of Business Development in Finnfund.
“Our role and mission is to participate and share the risk in the early stages of this kind of development. Finnfund’s participation gives CGI a possibility to invest in our other target countries as well,” Myllymäki continues.
Oil companies will be investing more and more to manage possible oil spills. There is a growing need for companies offering this kind of services.
For more information at Finnfund please contact Ms Tarja Myllymäki, tel. +358 9 3484 3326, email firstname.lastname@finnfund.fi
