EBRD DELAYED APPROVAL FOR ALLOCATING LUKOIL LOAN WITHIN В"SHAH-DENIZВ" PROJECT
The European Bank for Reconstruction and Development (EBRD) passed in its last survey the project on allocating the Lukoil Overseas Holding Limited the loan in the amount of $110 million for financing the costs share within the project on development of Shah-Deniz gas and condensate field.
The EBRD Board of Directors was to consider the issue on 28 June, however, the BankвЂ™s report reads, the approval has been currently delayed, Trend reports.
The EBRD may also allocate the Lukoil Overseas a loan of $70 million within the construction of the South Caucasus pipeline (SCP), through which gas from Shah-Deniz to Georgia and Turkey will be exported.
By the EBRD estimates, the Stage-1 of the Shah-Deniz project is evaluated by $2,777 billion, the LUKOIL must be provided with $277,7 million. The first gas by SCP is supposed to be exported to Turkey till the winter 2006. The Shah-Deniz partners have already signed a number of gas вЂ�buy and saleвЂ™ agreements with the governments of Azerbaijan, Georgia and Turkey.