Loans for the purchase of oil stocks
The means required to fund the acquisition of oil stocks have always been attracted by a mixture of long and short term private financing instruments. Up to 2003 COVA has been primarily active in the money and capital markets.
As of 2003, some exceptions excluded, all loans are funded by the branche of the Ministry of Finance. These loans are secured by a surety by the Ministry of Economic Affairs and Climate. COVA has access to State financing tools which are very cost effective, obtaining the most favourable rates and minimizing financing costs.
In € millions
|Net working capital||33|