The Latvian Branch of “OP Corporate Bank plc”, expanding cooperation with the unified natural gas transmission and storage operator in Latvia, JSC “Conexus Baltic Grid”, has entered into an agreement to grant a credit line to the company in the amount of EUR 30 million.
Elmārs Prikšāns, Head of “OP Corporate Bank plc”, Latvian Branch, commented: “Since the establishment of “JSC Conexus Baltic Grid”, OP Bank has been involved in the development of the company. OP Bank is growing together with its customers; therefore, we are pleased to expand the current cooperation and be a part of the growth of a company important to the Latvian economy, providing a solid financial basis for achieving the set goals.”
The agreement on granting a credit line to JSC “Conexus Baltic Grid” in the amount of EUR 30 million has been concluded for two years. JSC “Conexus Baltic Grid” plans to use the credit line to finance working capital, thus achieving greater financial flexibility for the company.
Mārtiņš Gode, Member of the Board of JSC “Conexus Baltic Grid” continues: "Our most important task is to ensure the continuity, security and development of natural gas infrastructure. Achieving these goals in full requires a long-term solution that protects against various risks at the same time.”
JSC “Conexus Baltic Grid” is the unified natural gas transmission and storage operator in Latvia, which manages the Latvian natural gas transmission system and one of the most modern natural gas storage facilities in Europe - Inčukalns underground gas storage (UGS), which is an important strategic object in the entire Baltic region.
“OP Corporate Bank plc” is the bank of the largest Finnish financial service company, and its Latvia branch has been operating since 2012. “OP Corporate Bank plc” has been cooperating with JSC “Conexus Baltic Grid” ever since “OP Corporate Bank plc” was established in 2017.