The Moscow-headquartered explorer said that the second tranche of its $200 million loan will be used “to finance further development of the Shah-Deniz Phase 1 project with the existing production and transportation facilities”.
The loan was raised on a non-recourse basis for five years at annual interest rate of Libor +1.5%.
The London-based development bank said that the project would help Azerbaijan’s transition “through a significant transfer of new technologies, skills and knowledge unique for the region” as well as by “supporting a more widespread private ownership in the Azeri upstream gas market”.
The
