BP ASSIGNS $500 MILION FOR BTC PIPELINE CONSTRUCTION

It was stated by president of “BP Azerbaijan” David Woodward, he stressed as well that the credit would be allotted on commercial bank terms. Actually, the crediting structures related to Main Export Pipeline project are divided into 4 groups. The first one includes European Bank for Reconstruction and Development and International Finance Corporation. They are to allocate credits and guarantee those of commercial banks. The second group includes export-credit agencies providing guaranties for commercial banks to finance purchasing equipment from USA, Great Britain, Japan, Germany, Italy and France. The third group consists of 10-30 commercial banks, and the fourth one of heavyweight companies-creditors including BP and Statoil.