ECONOMY


IFC BOARD APPROVES INVESTMENTS IN CASPIAN OIL ANS PIPELINE PROJECTS

AzerTaj Washington-based correspondent reports that the Board of the International Financed Corporation, the private sector arm of the World Bank Group, approved on November 4 investments in the Azeri-Chirag-Deepwater Gunashli (ACG) Phase 1 oil field and the Baku-Tbilisi-Ceyhan (BTC) pipeline.

The ACG Phase 1 oil field involves the development of an oil field off Azerbaijan in the Caspian Sea.IFC’s investment in ACG Phase 1 consists of loans of up to $30 million for its own account and further loans of up to $30 million to be commercially syndicated. The total project cost of ACG Phase 1 is approximately $3,2 billion

The BTC pipeline is a dedicated crude oil pipeline system, 1769 kilometers long, with capacity of 1 million barrels per day. The pipeline will extend from the ACG field through Azerbaijan and Georgia, to a terminal at Ceyhan on the Mediterranean coast of Turkey. IFC’s investment in the BTC pipeline consists of a loan up to $125 million for its own account and a loan up to $125 million in commercial syndication. The total project cost of BTC is approximately $3,6 billion

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