Representatives of the European Bank for Reconstruction and Development (EBRD) signed on 28 July in Moscow a loan agreement with the Lukoil Overseas Holding Limited for financing of the costs share in the framework of the project on development of the gas condensate field вЂњShah-DenizвЂќ and construction of the South Caucasus pipeline (SCP), through which gas to Georgia and Turkey will be exported. EBRD allocated loan in the amount of $180 million to Lukoil Overseas for the period of 12 years, Trend reports.
The loan interest is not disclosed.
By the EBRD estimate, В"Stage -1В" of the Shah-Deniz project is evaluated at $2,777 billion. The first gas through SCP is supposed to be exported to Turkey before winter 2006.