US Ex-Im bank and OPIC to help raise funds for Trans-Caspian gas pipeline

Aug 09, 1999 02:00 AM

The U.S. Ex-Im Bank and the U.S. Overseas Private Investment Corporation will take an active part in the creation of a mechanism for financing the Trans-Caspian gas pipeline project, a high-ranking official said. The announcement was made by the special adviser to the U.S. president for energy diplomacy, John Wolf, after his meeting with Turkmen President Saparmurat Niyazov.
Wolf arrived in Turkmenia to take part in the signing of three documents designed to implement and accelerate the project. He noted that a preliminary agreement between the Turkmen government and the U.S. company PSJ International signed is the next step in the implementation of an earlier deal that named this company as a sponsor and founder of a consortium to build and operate the Trans-Caspian gas pipeline and the memorandum of understanding. Both documents were signed in Ashkhabad on February of this year.
The new agreement legally formalised the positions of the two sides with regard to their obligations assumed under the project and determined the parameters of Turkmenia's participation in its implementation.

Source: Itar-Tass via Newspage
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