Daily News: August 10, 2015

Lukoil Gets $1B Long Term Financing for Gas Project

Lukoil obtained a $1 billion credit facility with a consortium of banks, including ING, Bank of China, UniCredit, Societe Generale, the European Bank for Reconstruction and the Asian Development Bank.

Under the second stage of a production sharing agreement of the Shah Deniz Project in Azerbaijan, Russian oil company Lukoil has signed a 12-year credit facility agreement with a consortium of banks to borrow $1 billion.

Of that amount, $560 million will be provided for 12 years jointly by the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB) and the Black Sea Trade and Development Bank (BSTDB).

The remaining amount, $440 million, will be provided for a period of 10 years by a commercial banking syndicate comprising of the ING Bank, Bank of China, UniCredit AG and Societe Generale.