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IFC invests in GAC to support oil operations in emerging markets

IFC invests in GAC to support oil operations in emerging markets

Dubai: IFC, a member of the World Bank Group, announced this week it is
investing in the GAC Group to help the global shipping, logistics and
marine services provider acquire new vessels to support offshore oil
operations, and thereby local employment, in a number of emerging markets.

Infrastructure is a global priority for IFC (International Finance Corp) and the $35 million loan to GAC will finance the Group's purchase of up to six supply vessels to
support offshore oil rigs. Three vessels will operate in Kazakhstan, while
the others will operate in Africa and the Middle East. GAC is one of the
first international marine operators in the Caspian. The company has more
than 10 years of experience in the region, and is today the largest
international operator in Turkmenistan.

Erland Ebbersten, GAC Group Vice President for Europe, Africa,
Mediterranean, Black & Caspian Sea, says: "GAC's expansion underlines the
group's commitment to the Caspian region. We believe we can contribute
significantly to development of the energy infrastructure in the Caspian,
and we welcome IFC's support in making this meaningful task possible for
us."  [11/06/10]