PARTICIPANTS OF BAKU-TBILISI-CEYHAN PROJECT TO GET CREDIT FROM EBRD

ENI, TotalFinaElf and ConocoPhilips, shareholders in the pipeline company BTC Co., have refused to allocate a credit to the Azerbaijani State Oil Company within the framework of additional financing of the construction of the Baku-Tbilisi-Ceyhan oil pipeline, the Trend news agency reported citing the Azerbaijani State Oil Company. The company specified that these three companies were planning to pump Kazakstani oil through the Baku-Tbilisi-Ceyhan oil pipeline.

Other participants of the project, including British Petroleum, Statoil, TPAO, Itochu, INPEX and Amerada Hess, have agreed to allocate a credit to the Azerbaijani company. The credit totals some $200m. The parties have not elaborated on details of the credit agreement.

In November 2003 participants of the Baku-Tbilisi-Ceyhan project are expected to receive credits from international financing organizations, including the International Finance Corporation and the European Bank for Reconstruction and Development.