ECONOMY
IFC BOARD APPROVES INVESTMENTS IN CASPIAN OIL ANS PIPELINE PROJECTS
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