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EBRD DELAYED APPROVAL FOR ALLOCATING LUKOIL LOAN WITHIN В"SHAH-DENIZВ" PROJECT

Oil&Gas Materials 29 June 2005 17:42 (UTC +04:00)

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 Bank’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 �buy and sale’ agreements with the governments of Azerbaijan, Georgia and Turkey.

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