ECONOMY
SYNDICATE OF BANKS ALLOCATED 1 BILLION DOLLARS ON BTC OIL PIPELINE
The pipeline intended for transportation of the Caspian oil to the world markets through Turkish Black Sea port Ceyhan, with the capacity of 50 million tons of oil a year, for 70 percents has been financed by the international credit organizations.
According to executive director of the operator of the project of the pipeline - Michael Townsend, the BTC Company, the work above last transaction was conducted about two years.
"It is a weighty transaction, one of the largest financial packages in the private sector ", he told journalists.
The syndicate of banks is headed by Japanese Mizuho, French Societe Generale, the Dutch ABN Amro and American Citicorp. It also includes Banca Intesa, BNP Paribas, Credit Agricole Indosuez, Dexia, Hypovereinbank, ING, KBC, Natexis Banque Populaire, San Paolo IMI, West LB and Royal Bank of Scotland. Each bank has allocated 68 million dollars approximately.