WASHINGTON, March 15 (UPI) -- The International Finance Corp. will help Turkey and Romania develop natural gas with a $50 million loan.
The private sector arm of the World Bank group said the money will be provided to Toreador Resources Corp, a U.S. energy company, to bolster its Turkish and Romanian operations.
Specifically, the loan will be used to develop Turkey's natural gas reserves in the Black Sea's South Akcakoca Basin.
"Support for private sector investments in developing natural resources is key to IFC's strategy in the Southern Europe and Central Asia region. With our investment, we are supporting the local economy and helping to satisfy Turkey and Romania's demand for domestically-produced fuel," said Shahbaz Mavaddat, IFC's director for Southern Europe and Central Asia.
