Written by
Nick Blenkey
U.S. Ambassador to Greece George Tsunis greets Elefsina employees after ceremony formalizing the granting of $125 million U.S. mortgage. [Photo: DFC]
The U.S. improvement finance company, the Improvement Finance Company (DFC) has signed financing settlement to supply a $125 million mortgage to ONEX Elefsis Shipyards and Industries (ONEX) to rehabilitate and modernize the Elefsina shipyard (the previous Neorion Elefsis) close to Athens, Greece.
The Greek authorities formally permitted the switch of the shipyard, which has been going via chapter restructuring, to ONEX on October 11, topic to ultimate courtroom approval, which got here on October 20. The DFC funding, which had reportedly been permitted in June, was key to the restructuring.
That is the second Greek shipyard turnaround to be undertaken by ONEX, following its reopening of the Neorion shipyard in Syros.
LNG EXPORTS
DFC says that its financing will assist create a strategically vital maritime and vitality provide hub for the area by increasing the shipyard’s capability to service LNG carriers (presumably together with these carrying U.S. LNG exports), selling European vitality safety and diversification, creating new native jobs, and bolstering the U.S.-Greece partnership via a clear, high-quality funding.
“DFC’s funding within the Elefsina shipyard will develop a maritime and vitality provide hub that may create good native jobs right here in Greece and assist the nation and area grow to be much less reliant on Russian vitality,” mentioned DFC CEO Scott Nathan. “DFC is proud to advance this high-quality infrastructure undertaking that may generate extra dependable entry to vitality and foster higher financial progress and prosperity for our companions throughout the area.”
Nathan joined Greek Minister of Improvement and Funding Kostas Skrekas and U.S. Ambassador to Greece George Tsunis on the shipyard for the signing ceremony. With DFC help, ONEX will increase the shipyard’s capability to restore and improve ships, notably ships that service the close by Revithoussa LNG terminal. DFC says it will promote elevated entry to dependable, safe vitality within the Western Balkans and Jap Europe by increasing high-quality infrastructure to help diversification of LNG provide for the area – a vital enterprise amid Russia’s makes an attempt to destabilize regional vitality entry.
The Elefsina shipyard is strategically situated close to a number of key gasoline commerce routes. ONEX will use DFC financing to rework the shipyard into an vitality provide hub supporting LNG delivery lanes within the Mediterranean and Aegean seas and supporting Greece’s renewable vitality objectives.
