US Ex-Im Bank approves $ 160 mm loan guarantee for Baku-Ceyhan pipeline

Dec 30, 2003 01:00 AM

The US Export-Import Bank approved a $ 160 mm loan guarantee to allow the sponsors of the $ 3.6 bn Baku-Tbilisi-Ceyhan crude pipeline to purchase engineering services and pump and control systems from US companies.
Ex-Im's board on Nov 21 voted to refer the proposed deal to the US Congress for comment -- a step required for any transaction valued over $ 100 mm -- and then decided to approve the project, after receiving no congressional comments, a bank spokesman said.

Suppliers in California, Illinois, Nevada and Vermont will provide services to support the 1 mm bpd-capacity BTC crude line, he said, which will extend 1,760 km from the Azeri-Chirag-Deepwater Guneshli oil project through Azerbaijan and Georgia to a terminal at Ceyhan on the Mediterranean coast of Turkey.
Ex-Im's approval follows the World Bank's early-November approval of a $ 336 mm loan package for the controversial project.

Source: Platts
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