home . news & publications . Investment News . LUKoil Receives $200 Million Shah Deniz Funds

LUKoil Receives $200 Million Shah Deniz Funds

LUKoil Overseas, operator of foreign extraction projects, has signed the agreement with the European Bank for Reconstruction and Development (EBRD) to use the second tranche worth $200 million of the loan, which has been earlier allocated for implementation of the Shah-Deniz project in Azerbaijan.

The funds will be used for further development of the Shah Deniz Phase 1 using the existing production and transport capacities.

The funding was provided on the non-regressive basis for the period of 5 years with the interest rate LIBOR +1.5% per annum.

Total sum of the loan provided by EBRD to LUKoil to implement the Shah-Deniz project (including initial credit agreement signed in 2005 for the period of 12 years) is $380 million.

In 2013 9.7 billion cub.m. of tank gas (LUKoil's share – 725 million cub.m.) and 2.45 million tons of oil and gas condensate (LUKoil's share – 184,000 tons) has been extracted from the Shah-Deniz.

The Shah-Deniz project partners are BP (operator) – 29.8%, Norwegian Statoil – 15.5%, Iranian NICO – 10%, French Total – 10%, Russian LUKoil – 10%, Turkish TPAO – 9% and SOCAR – 16.7%. The Shah-Deniz field's resources are estimated at 1.2 trillion cub.m. of gas.

Source: AzerTAc

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