EBRD and Lukoil complete financing of first stage of Shahdaniz gas field

Baku, May 18 (AZERTAC). Russia`s Lukoil and the European Bank for Reconstruction and Development (EBRD) announced full completion of financing for the Azerbaijan`s Shahdaniz field, the largest offshore gas field development in the Caspian Sea.

“The Shahdaniz project is very important for the region, providing jobs and development opportunities not only in Azerbaijan, but also widely throughout the Caucasus region”, director of the EBRD`s Natural Resources Team Kevin Bortz said.

Lukoil`s investment in the Shahdaniz Stage 1 project has started since 2004. The EBRD provided $180 million in 12-year project finance for it in July 2005.