Astarta in line for USD 10 mln loan from EBRD

The European Bank for Reconstruction and Development announced on its website that it is reviewing a plan to grant up to a USD 10 mln long-term loan to Astarta (WSE: AST PW). The project is due to follow up on an energy efficiency project financed by the EBRD in 2007. Proceeds will be directed at financing energy efficiency improvements at its sugar plants and a new sugar storage facility. Ruslan Patlavskyy: We see a high possibility of the EBRD approving this loan as Astarta has been successfully cooperating with this IFI since 2007. As the cost of natural gas comprises ~20% within the costs structure of beet sugar production of Astarta, the said project is likely to be directed toward increases in gas consumption effectiveness of the company.