The European Bank for Reconstruction and Development (EBRD) is furnishing a long-term loan of €31.5 million to OXY Technical Gases (OXY), a Croatian collaborative venture between two premier Italian industrial gas manufacturers. The loan is earmarked for the construction and operation of a cutting-edge air separation unit (ASU) in Velika Gorica, near Zagreb. The EBRD funds will co-finance construction and equipment acquisition for this ambitious project, which carries a total price tag of €51.5 million.

OXY symbolizes a pioneering partnership between Italy's topmost industrial gas producers, the SIAD Group and the SOL Group, which are coming together for the first time to bolster their regional expansion. The Croatian initiative aims to enhance the quality and reliability of high-purity gas supplies, including liquid oxygen, nitrogen, and argon. Manufactured at sub-zero temperatures, these gases will cater to the needs of SIAD and SOL’s clientele comprising hospitals, industrial plants, and other consumers in Croatia and its neighboring nations.

EBRD's Director for Central Europe, Victoria Zinchuk, expressed delight over the bank's continued assistance to SIAD's growth in Central Europe, and the extension of this collaboration to the SOL Group through this inventive Croatian project. She voiced satisfaction over the project’s anticipated creation of 45 new jobs in Velika Gorica, fostering employment opportunities for the city's young, educated populace.

Roberto Sestini, President and CEO of the SIAD Group, remarked, "We're privileged to extend our partnership with the EBRD, a key supporter of our previous regional projects. Collaborating on initiatives endorsed by the EBRD pledges the execution of projects generating additional value for all stakeholders in our operational territories. This specific venture promises an upsurge in local production of industrial and medical gases."

Aldo Fumagalli Romario, President and CEO of the SOL Group, welcomed the EBRD’s support for the Croatian project, underlining the significant endorsement it offers to the credibility of SIAD and SOL.

Over the past three decades, the EBRD has committed nearly €4.5 billion to various projects in Croatia, with the private sector and sustainable infrastructure receiving over 70 per cent and more than €1 billion of these investments, respectively. In 2022, the bank invested €300 million across diverse sectors in Croatia.