EBRD postpones review of AzDRES project design
European Bank for Reconstruction and Development (EBRD) put off the review of AzDRES rehabilitation design to June 27, 2006. Azeri governmental officials told Trend that the date was moved due to conversations to be held for credit agreement, whose totals are submitted to Board of Directors for approval.
The conversations are expected to pass even this week in Baku.
В"Azenerji is trying to close the commencement of construction operations at AzDRES that operates with black fuel oil and natural gas. The plant has been operated more than 20 years and requires urgent rehabilitation due to its role as a main supplier of power to the republic.
EBRDs credit is mainly directed to recovery of turbine equipment and environment recovery.
Reconstruction cost for seven units is $150mln, from which $115mln are issued by EBRD. The credit is issued on ENRDs standard terms for 15 years with 3 year payment delay and at a rate libor+1%.