EBRD lends $ 170 mm to SOCAR for Caspian gas projects

Dec 14, 2004 01:00 AM

The European Bank for Reconstruction and Development (EBRD) has agreed to lend the State Oil Company of Azerbaijan, or SOCAR, $ 170 mm to help fund two Caspian natural gas projects.
The EBRD is giving $ 110 mm toward SOCAR's part in the $ 4.3 bn BP-led Shah Deniz gas field. It is also contributing $ 60 mm toward the $ 1 bn South Caucasus gas pipeline that runs from Shah Deniz through Azerbaijan and Georgia to the border of Turkey.

The Azeri President Ilham Aliyev signed the funding pact with the EBRD. SOCAR holds a 10 % stake in both projects.
Partners in the Shah-Deniz project include operator BP, Statoil, Total, Turkey's state-run oil company TPAO and LUKAgip, a joint venture between Russia's LUKoil and ENI unit Agip.

Source: Dow Jones
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