EximBank has issued an insurance policy against non-payment risk in the name of and on the account of Romanian State for TOTALGAZ INDUSTRIE exports amounting at 2.5 Million Euro in Ukraine. TOTALGAZ INDUSTRIE is one of the main local producers for equipment and installations for natural gas extruding, treatment, transport and distribution.
“Concluding this agreement with TOTALGAZ is an outcome of the constant concern of EximBank to meet the need for protection of Romanian exporting companies against commercial or political risks that may occur in international transactions. Since the beginning of this year, the bank has started again to cover exposures related to contracts concluded by Romanian exporters with public or private partners from Ukraine, following a bank decision in 2014 to suspend the engagements due to the conflictual situation installed in the country until the political turmoil clearance. So we are really encouraging the local companies to approach us confidently especially considering that successful commercial relations with foreign partners may be influenced by the financing party that is analyzing the risks along with them”, said Traian Halalai, Executive President of EximBank.
TOTALGAZ INDUSTRIE will deliver this year three installations for gas treatment and drying in Western Ukraine. The insurance policy issued by EximBank in the name of and on the account of the Romanian State permits TOTALGAZ INDUSTRIE to be certain of cashing in 85% of the total value of the products to be delivered to its commercial partner in Ukraine. By using the insurance policies issued by EximBank the company benefits from a regular presence on the target market developing new partnerships and concluding new export contracts also continuing its local activity.
“Our constant interest was to build a company based on strong principles focused on innovation, progress, performance and professional standards. We therefore managed to become worldwide known as a representative company in this field. At present, we are distributing our products in whole Romania, and abroad in Czech Republic, Egypt, Greece, Japan, Finland, Ukraine, Tanzania, Israel, Republic of Moldova, etc. We are able to approach various activities from equipment production to managing complex turnkey projects in energy and we intend to consolidate our presence abroad especially since we benefit from financial instruments that allow us to perform safely, such are the insurance policies issued by EximBank”, said Ioan Pârău, General Manager and founder of TOTALGAZ INDUSTRIE.