Session of the credit committee of the Asian Development Bank (ADB) to allot credit to LUKoil Overseas Shah Deniz company as a part of the Shah Deniz Stage 2 project will take place on November 13, 2016, reads the project documents posted on the ADB official web site.
The document reads that ADB is ready to allot LUKoil Overseas Shah Deniz $450 million for the additional funding of Shah Deniz 2 project, during which it is planned to drill over 20 wells, build two platforms and underwater infrastructure, expand the Sangachal oil terminal and the South Caucasian gas pipeline.
Of total volume of funds $250 million will be allotted at LIBOR rate and the remaining $200 million will be allotted on the basis of the additional funding scheme.
LUKoil has 10% share in Shah Deniz contract. The Shah Deniz project is estimated at $28 billion.
