EBRD to provide RSD 1.18bn (€10m) to Greece’s Coral Group to finance development of petrol station network and in bringing high-quality Shell-brand fuels to Serbia
EBRD supports Greece’s Coral Group. (Credit: The European Bank for Reconstruction and Development.)
A loan of 1.18 billion Serbian dinars (€10 million equivalent) from the European Bank for Reconstruction and Development (EBRD) will bring premium quality fuels to Serbia as Greece’s leading fuel distributor Coral Group is expanding its activities in the country.
Coral Group distributes petrol, fuel oil, diesel and lubricants through a network of 750 petrol stations in Greece. In Serbia, the company is planning to significantly grow its network, which currently consists of four petrol stations. The EBRD’s loan will help finance this investment programme.
The petrol stations, operating under the Shell brand, will enhance the market offering, with high-quality ‘V-Power’ fuel that is designed to help clean and protect engines.
Zsuzsanna Hargitai, EBRD Regional Director, Western Balkans, and Head of Serbia, said: “We are pleased to support an important regional player as it expands in Serbia, bringing high-quality fuel and also competition to the market.”
Spyros Balezos, Chief Financial Officer of Coral Group, commented: “This loan agreement opens a new page of cooperation between Coral and the EBRD, marking a milestone in the growth of our retail network in Serbia. We are committed to delivering top-quality Shell fuels and services in the local market.”
The EBRD is a leading institutional investor in Serbia. The Bank has invested more than €6 billion across 267 projects in the country to date. The EBRD is focusing on support for private-sector development, on the improvement of public utility services and on the overall transition towards a green economy.
Source: Company Press Release