TODAY.AZ / Business

Lukoil to ensure guarantee for EBRD credit under construction of facilities for Shah-Deniz

30 July 2005 [08:21] - TODAY.AZ
EBRD credit allocated for LUKOIL Overseas will be ensured by a guarantee in the initial stage of construction of production facilities under the project on the construction of Shah-Deniz project, the company announced.
Following the commissioning of the Shah-Deniz project the credit will be guaranteed by funds obtained in the course of realization of the extracted crude – natural gas and gas condensate.

The EBRD and LUKOIL Overseas signed on Thursday in Moscow a $180m credit agreement on financing the company’s share under the project on the development of Shah-Daniz gas condensate and the construction of the South Caucasus Pipeline (SCP), which will export gas to Georgia and Turkey. The loan is allocated for the term of 12 years.

Part of the EBRD credit will be syndicated in the commercial market. «Bank hails the intentions of LUKOIL Overseas for directing big investments resources to the manufacturing, as well as ensuring high quality management and financial transparency of enterprises,» the Director of the EBRD Department for Natural Resources, Kevin Borts, said after the signing of a credit agreement.

In his turn the President of LUKOIL Overseas, Andrey Kuzyaev, underlined that the expansion of cooperation with the EBRD is of strategic importance for the company.

“An agreement with the EBRD assumes special importance for LUKOIL Overseas, as it continues successful credit history of the enterprise and accents its activities on intensive production activities under big international projects,” he underlined.

URL: http://www.today.az/news/business/20223.html

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