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IFC Considering Service Companies’ Projects in Azerbaijani Oil and Gas Sector

Oil&Gas Materials 20 June 2007 11:21 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / Aliya Azimova , a representative of the International Finance Corporation (IFC), announced that the projects by service companies within the oil and gas sector of Azerbaijan are being considered within the framework of the Supplier Finance Facility. The IFC launched the program jointly with British Petroleum (BP) and the Azerbaijani Micro Finance.

Azimova stated that the sides are eager to allot funds following the approval of projects. The project

is an innovation for Azerbaijan, as it will provide easy access to the financing of the local suppliers within the oil and gas fields.

As part of the joint activities amongst the IFC, AMFB and BP, a pilot project for the development and testing of new models for supplier financing was launched in mid-2006. This pilot project was extremely successful, which enabled the commencing of a new investment program with a budget of $15mln.

Credits to local companies will be allocated through the companies which have contracts with ВР. A scheme for the financing of the logistics of enterprises is part of BP's and its partner's intentions in doubling the general expenses of local companies by 2010. The local companies, which will be able to receive credits on the SFF scheme, will be primarily approved by the Center on work with ВР organizations.

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