EBRD approves loan for Shah Deniz project

EBRD approves loan for  Shah Deniz project

The European Bank for Reconstruction and Development (EBRD) will provide a $100 million loan to LUKOIL Overseas Shah Deniz Ltd to extend additional financing for its share in the second stage of the development of Shah Deniz, an offshore gas exploration and production project in Azerbaijan and one of the largest gas fields in the world, the bank said in a message.

The loan was approved by the Board of Directors of the EBRD and will be directed to a project which includes two additional bridge-linked offshore gas platforms, 26 subsea wells, 500 kilometers of subsea pipelines, and the expansion of the gas plant at Sangachal Terminal.

The loan is fully guaranteed by PJSC LUKOIL.

LUKOIL has a 10 percent stake in the Shah Deniz field. The total volume of financing for LUKOIL’s share in Shah Deniz 2 project is $3 billion.

As part of the implementation of the Shah Deniz 2 project, the annual gas production volume will increase from 9 billion cubic meters to additional 16 billion cubic meters.

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