European Bank for Reconstruction and Development (EBRD) has approved allotting LUKoil Overseas Shah Deniz Ltd (LSD) a credit worth $200 million.
EBRD web site reads that the funds are allotted to fund the company’s obligations to expand development of the Azerbaijani Shah-Deniz Phase 1 field.
Allotting of the credit was approved on January 15, 2014.
According to EBRD, total cost of Shah-Deniz Phase 1 is $2.13 billion and share of LUKoil Overseas Shah Deniz Ltd is $212.8 million.
In autumn 2013 LUKoil asked EBRD to allot it credit worth $200 million for the Shah-Deniz project.
“The funding is needed to expand the Shah-Deniz Phase 1 field development and apply more advanced technologies, including on the existing platforms and terminals. The project will also support a wider spreading of private capital in the gas production industry of Azerbaijan,” EBRD reported.
The contract for the Shah-Deniz field development was signed in 1996. The project partners are
BP (operator with 28.8%), Statoil (15.5%), SOCAR (16.7%), ЛУКойл, NICO, Total (10% each) and TPAO (9%).
* LUKoil is among the biggest independent oil companies in Russia. Its authorized capital totals 21.26 million rubles and it is divided into 850.56 million regular shares. The biggest shareholders are LUKoil President Vagit Alekperov (22.21%) and LUKoil Vice President Leonid Fedun (9.73%).
By December 31, 2012 the proved hydrocarbon resources of LUKoil reached 17.3 billion barrels of oil equivalent, including 13.4 billion barrels of oil and 23.5 trillion cub. feet of gas. During 2012 LUKoil’s oil production totaled 89.9 million tons and gas production – 24.5 billion cub.m.
LUKoil fully or partially owns modern oil refineries, gas refineries and petrochemical plants in Russia (four oil refineries in Perm, Volgograd, Ukhta and Nizhnii Novgorod) as well as Eastern and Western Siberia (Bulgaria, Romania, Italy and Netherlands). The company owns a wide retail network in 25 world countries (including Russia and US) and 24 oil bases.—0--
Economics
-
Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
-
Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
-
Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
-
Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
Leave a review