BTC oil company board endorses financing of pipeline project

Dec 19, 2003 01:00 AM

A sitting of the board of directors of the Baku-Tbilisi-Ceyhan (BTC) oil company was held in London on 18 December. BTC CEO Michael Townshend told that the sitting discussed the financing of the project.
Talks with the European Bank for Reconstruction and Development, the International Finance Corporation, export credit agencies and commercial banks have successfully ended here.

The boards of the aforesaid organizations have decided to finance the Baku-Tbilisi-Ceyhan project. Townshend said that the BTC board of directors had endorsed a package for financing the Baku-Tbilisi-Ceyhan project.
Thus, the conditions of financing were endorsed. It is only necessary to sign documents on allocating credits for the project.

The Azerbaijani, Turkish and Georgian governments, participants in the projects and credit organizations will sign these documents in January.
First credits for the construction of the pipeline will be received in the first quarter of the next year.

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