“OP Corporate Bank plc” Latvia branch strengthens cooperation with JSC “Latvijas Gāze”

[2021-06-30]

Continuing cooperation, OP Corporate Bank plc has increased the credit line granted so far to JSC “Latvijas Gāze”, one of the largest energy companies in the Baltic region, by 45 million euros.

“We are pleased with our existing cooperation, which began in 2017 and will continue with this funding, providing additional working capital at a time when the prices of natural resources are rising in the world. The support provided by “OP Corporate Bank plc” will continue promoting stable long-term development of JSC “Latvijas Gāze”, ensuring also safe supply of natural gas for Latvian residents and businesses,” underlined Elmārs Prikšāns, General Manager at “OP Corporate Bank plc” Latvia branch.

The funding is granted by increasing the available amount of the credit facility from 30 million to 75 million euros, based on the contract signed in October 2017. Additional funding of the credit facility will increase financial flexibility of JSC “Latvijas Gāze” taking into account the gas market trends and gas injection season.

The Latvian branch of “OP Corporate Bank plc” has been operating since 2012, and during this time has gained a significant role in the long-term development of Latvia and the whole region. “OP Corporate Bank plc” is the central bank of OP Financial Group, Finland's largest financial services group. The international credit rating agencies have rated OP Group as a stable and strong financial organisation, by respectively assigning the highest ratings to the long-term liabilities.