Int'l financial institutions launch preparations to provide credit to Nabucco

Int'l financial institutions launch preparations to provide credit to Nabucco

Azerbaijan, Baku, Sept. 6 / Trend /

A mandate letter has been signed by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), IFC - a member of the World Bank Group, the shareholders of Nabucco and Nabucco Gas Pipeline International GmbH.

The signing of the mandate letter by the three International Financial Institutions (IFIs) marks the start of the appraisal process of the Nabucco project, a required step towards a potential financing package of up to EUR 4 billion, Nabucco Gas Pipeline International GmbH reported.

The potential financing package will consist of up to EUR 2 billion from the EIB, up to EUR 1.2 billion from the EBRD (up to EUR 600 million for EBRD's account and up to EUR 600 million to be syndicated to commercial banks) and up to around EUR 800 million from IFC (up to EUR 400 million for IFC's account and up to EUR 400 million to be syndicated to commercial banks).

The Nabucco gas pipeline project is the flagship project for meeting future EU gas demand and will diversify Europe's pool of supplier countries.

The involvement of the three IFIs is a demonstration of global and European support for the project and represents an important milestone in ensuring the overall financing of Nabucco. The early involvement of the IFIs will support Nabucco in meeting the highest standards in environmental and social risk evaluation and procurement. The appraisal of the project will include a thorough assessment of commercial, social and environmental aspects.

Following the successful conclusion of the appraisal, the financing will need to be approved by the relevant governing bodies of each IFI. Export credit agencies and international banks are expected to commence their appraisal of the Nabucco project soon after the IFIs. Commitments from potential lenders are expected to be sought in 2011.

Construction of the Nabucco pipeline will be implemented in two main phases. The first phase of construction (2011) includes laying a new pipeline length of 2,000 kilometers, starting at the Turkish border and ending in Austria's Baumgarten. The second phase (2014-2015) includes the construction of the remainder of the pipeline on the border between Turkey and Georgia, as well as Turkey and Iraq.

Nabucco gas pipeline project is worth €7.9 billion. Participants of the project are Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE companies. Each of participants has equal share to the amount of 16.67 percent. Construction of gas pipeline is planned to be launched in 2011, the first supplies - in 2014. Maximal capacity of the pipeline will hit 31 billion cubic meters per year.  Nabucco Gas Pipeline International shareholders will invest 30 percent of total cost of the project, the rest 70 percent will be paid owing to loans.

Iran urges US to return JCPOA
Iran urges US to return JCPOA
Iran to commit to JCPOA obligations - if Europe, US return - FM Zarif
Iran to commit to JCPOA obligations - if Europe, US return - FM Zarif
Iran may cancel additional protocol on nuclear deal -  Foreign Policy Commission
Iran may cancel additional protocol on nuclear deal - Foreign Policy Commission
Loading Bars
Latest
Uzbekistan’s Uzpromstroybank reveals plans for strategic dev’t in 2021
WHO chief thanks India, PM Modi for 'support to global Covid-19 response'
Yukselish competition organizes webinar presented by Azerbaijani president's assistant (PHOTO)
Iran reveals COVID-19 data for January 23
Azerbaijan shares footage from Ashaghy Maralyan village of Jabrayil district (PHOTO/VIDEO)
Turkmenistan taking measures to further increase volume of cotton production
Iran to increase Shiraz municipality budget
Azerbaijani oil prices fall
Georgia sees decrease in COVID-19 cases
Russia reports 20,921 coronavirus cases over day, record low since November 11
Iran-Iraq-Syria transit route would improve economy - Iran's Minister of Road
Azerbaijan and Turkey ink MoU to support SMEs (PHOTO)
Karabakh's geography allows developing various tourism products - Azerbaijan Tourism Board
Standard & Poor's upgrades Azerbaijan's credit rating outlook
Georgian import of medical products from Turkey down
Uzbekistan reveals COVID-19 data for January 23
Brazil President Bolsonaro thanks PM Modi for 'sanjeevni booti' against Covid with Hanuman pic
India's COVID-19 vaccine diplomacy shines in South Asia and beyond
Cooperation on North-South Corridor to be researched during Iran’s FMA visit to Azerbaijan
First Batch of COVID-19 Vaccines Arrive in Myanmar from India
Iranian currency rates for January 23
Joint dev't of Dostlug field to be commercially, technically attractive - Wood Mackenzie
Socio-economic situation in Armenia deteriorating - Azerbaijani MP
AstraZeneca to supply 31 million COVID-19 shots to EU in first quarter, a 60% cut
Iran and Cuba to increase production capacity of COVID-19 vaccine
Iran and Russia to increase transportation ties
One Year to Special Olympics World Winter Games Kazan 2022
Azerbaijan producing lubricants based on new components
Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
Cancelling SMS permits due to eased quarantine raises passenger traffic in Baku
Turkey halts flights from Brazil due to new COVID-19 variant
COVAX to purchase 40 mln doses of Pfizer-BioNTech vaccine - WHO
Kazakhstan welcomes entry into force of Treaty on Prohibition of Nuclear Weapons
Fitch downgrades three Georgian Banks' support ratings
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Chinese Mission to EU condemns European Parliament for interfering in Hong Kong affairs
Dev't of "green" energy potential in Azerbaijan’s Karabakh region to attract investments
Denmark halts UAE flights for five days over COVID-19
UK business activity suffers steep slump in January amid fresh lockdown
Kazakhstan boosts exports volume to Canada amid COVID-19
Kenya Airways suspends flights to France, Netherlands due to COVID-19
Italy tells TikTok to block users after death of young girl
UK records another 40,261 coronavirus cases, 1,401 deaths
Canada's Trudeau presses Pfizer CEO on vaccine shortage, hints at travel crackdown
Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
Georgian ski resorts remain closed
Kazakhstan increases volume of petroleum oil exported to Germany
Four men jailed for manslaughter of 39 Vietnamese migrants in UK
Reports that Azerbaijani Minister of Sports fell into coma - not true
Turkey registers more than 5 967 new coronavirus cases
Iran has increased oil export - Minister
UAE confirms it inked $23 billion deal to buy F-35 jets, drones from U.S.
Georgian President meets EU Commissioner for Neighborhood and Enlargement
Azerbaijan discloses trade surplus with Romania
East Kazakhstan prolongs restrictions
Azerbaijani State Customs Committee exceeds forecast of budget receipts in 2020
‘Bibiheybat’ Ship Repair Yard completes overhaul of ‘Ramiz Hajiyev’ floating crane
Azerbaijan’s export of precious stones and natural pearls up
State Oil Fund of Azerbaijan unveils budget revenues and expenditures
Azerbaijan's Central Bank talks images of new manat banknotes appearing on social media
Azerbaijan discloses area of liberated lands sown with wheat in Aghdam
Azerbaijan confirms 632 more COVID-19 recoveries
Azerbaijani, Georgian FMs exchange views on latest situation in region
Period of revival of previously occupied Azerbaijani lands already began - ambassador
Denim production to be launched at textile enterprise in Uzbek Bukhara region
Azerbaijani expert talks future plans for import of hydrogen vehicles
Georgia - one of largest beneficiaries of EBRD investments per capita
USAID provides comprehensive support to entrepreneurship dev’t in Turkmenistan
French Proparco provides Georgian hospitals with grant to support COVID-19 battle
Uzbekistan to make strengthening relations with states of Central Asia priority
Georgia to establish blackberry plantation via state program
India’s role in combating COVID-19 through vaccine development and manufacturing
Russian Gazprombank expecting Azerbaijani sovereign rating's return to 'stable' outlook
Support for revival of Nagorno-Karabakh must become way of life – Azerbaijani minister
Tesla Israel headquarters nears completion
Armenian soldiers demanding compensation for participation in Karabakh war
Azerbaijan shows footage from Yukhari Abdurrakhmanli village of Fuzuli (VIDEO)
Azercell is always leading with its exemplary service quality
Uzbekistan may consider temporary suspension of yarn exports
Georgia reveals volume of domestic debt
Walmart expands vaccinations in boost to U.S. COVID-19 program
Israeli company eyes creating lavender plantations in Uzbek Namangan region
Georgia reveals volume of imported oil bitumen
European standard bakery to open with support of Bank of Georgia
Kazakhstan investing in Georgia across wide range of economy spheres
Georgia sees decrease in import of aviation fuel
Azerbaijani president declared Karabakh status issue - thing of the past, MFA says
Dagestan starts exporting ceramic products to Azerbaijan
Georgian RMG Gold company's total sales increase
Demand for notes of Central Bank of Azerbaijan exceeds supply
Assessment of damage caused by Armenia to Azerbaijani civilian objects continues
Volume of cargo passing through Astara terminal increasing from year to year
Criminal case opened against more terrorists used by Armenia against Azerbaijan
National Bank of Kazakhstan determines strategic initiatives for 2021
Bukhara oil refinery produces floating pontoons to eliminate loss of light hydrocarbons
Azerbaijan establishes Agency for Development of Economic Zones
Azerbaijan developing employment programs for future residents of liberated lands
Georgia decides to increase subsidies for flour
UK can help Azerbaijan to demine liberated lands - ambassador
Azerbaijan, UK discuss issues of development of co-op in area of defense
All news