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Oil Refinery

Financial & Operational Restructuring


The capacity utilization of a major Baltic State oil refinery had dropped to 20-25%, and was losing money as a third party processor. Efforts to find financing through international banks failed, as the core business problems remained a threat to the company’s survival. 

Actions Taken

The Project Capital+ team assessed how working capital could be brought into the business to improve profitability and demonstrate viability. The team recommended putting in place bridge financing while the company positioned itself to go to the capital market for a larger and more competitively priced financing based on:

  • Improved operational and strategic business plans 

  • Negotiated and confirmed purchase and supply agreements a

  • Prioritized capital investment projects 

  • Updated financial planning and forecasting capabilities 

  • Coverage by competitively priced insurance 


  • Project Capital+’s team implemented the recommended strategy, resulting in a landmark financing: the first corporate Eurobond in the former Soviet Union. 

  • The team succeeded in transforming the refinery into a stable and profitable commercial enterprise 

  • The team enabled the refinery to raise $99 million in working capital at an all-in-cost of under 10%, without the need for government guarantees.

  •  The savings the team achieved to the refinery in obtaining insurance premiums alone, were greater than the fees paid for the team’s work

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