EBRD, LUKOIL TO INK CREDIT AGREEMENTS ON AZERI PROJECT
The European Bank for Reconstruction and Development (EBRD) and Lukoil Overseas Holding Limited will sign in Moscow on Thursday a $100m credit agreement on financing a part of expenses under the project on development of gas-condensate field Shah-Daniz, Trend reports in reference to reliable sources.
The EBRD will also present to Lukoil Overseas a $70m loan under the construction of the South Caucasus Pipeline (SCP), which will transport gas from the Shah Daniz field to Georgia and Turkey.
According to the EBRD, LUKOIL holds $277.7bn in Stage 1 of Shah-Daniz project with the estimated value of $2,777bn. The first gas via the SCP will be transported to Turkey by winter 2006. Partners in the Shah-Daniz project have signed some agreements on gas purchases with the governments of Azerbaijan, Georgia and Turkey.