BP TO ALLOCATE 500 MLN DOLLARS FOR BTC MEP CONSTRUCTION

BP Company decided to allocate $500 mln for construction of the Baku-Tbilisi-Ceyhan Main Export Pipeline, AzerTAj correspondent was told at Azerbaijan BP office.

Document on allocation of the credit is planned to sign by the end of 2003. By now, international financial structures, such as European Bank for Reconstruction & Development, International Financial Corporation will adopt decision on allocation of the funds for pipeline construction.

According to the financing schedule, 30% of BTC construction is covered due to the capital of the stockholders- participants of the Pipeline Company, 70% by the foreign credits.

In the frame of the project, $ 1 bln has been already spent from 2,95 bln pipeline budget. BTC construction is planned to complete by the end of 2004, and to start export of oil via pipeline in first quarter of 2005.