EBRD Approves $12.9 Million Loan to Mawy Kenar Joint Venture

BUSINESS TURKMENISTAN
EBRD Approves $12.9 Million Loan to Mawy Kenar Joint Venture
In February 2018, the Türkmennebit (Turkmen Oil) State Concern was authorized to conclude a contract with the Mawy Kenar Joint Venture for cleaning oil contaminated lands in the Balkan velayat.

European Bank for Reconstruction and Development (EBRD) approved $12.9 million in loans for Turkmenistan-based environmental remediation services provider Mawy Kenar Joint Venture, according to the bank’s Project Summary Document (PSD) disclosed on Monday.

“The EBRD loan will allow Mawy Kenar to finance its working capital needs and to acquire additional mobile sludge treatment unit,” the EBRD underlined in the PSD. “The financing will also help mitigate the impact of Covid-19 on the company operations”.

According to the document, the project will contribute to environmental remediation, specifically the clean-out of oil-contaminated areas in order to help preserve the environment in the region. The project will help mitigate ecological hazards to the population, wildlife and ecology of the region by significantly reducing the oil content in the soil (to 2% or less).

Furthermore, Mawy Kenar has developed, with the assistance of the EBRD, an Environmental and Social Action Plan.

Mawy Kenar Joint Venture was jointly established by Gazyk, the first privately owned oil and gas company licensed in Turkmenistan, Benel Technical Services from Canada and Hazar Balyk OJSC in 2018 and employs 61 people.

In February 2018, the President of Turkmenistan signed a Decree on the implementation of the contract between the Türkmennebit (Turkmen Oil) State Concern and the Mawy Kenar Joint Venture Company for cleaning oil contaminated lands in the Balkan velayat for 15 years.