Tuesday, 18 June 2019 11:05 GMT

EBRD ready to invest in climate finance projects in Azerbaijan

(MENAFN - AzerNews) By Trend

The European Bank for Reconstruction and Development (EBRD) would like to invest in climate finance projects in Azerbaijan, Head of EBRD Baku office Ivana Duarte told Trend.

Duarte noted that EBRD will be ready to look at bankable projects across a variety of sectors with focus on diversification of economy.

"We'll be ready to consider bankable projects in all sectors. Generally speaking, the EBRD continues working towards its climate finance goals and 36 percent of its total investments in 2018 went to the support of green economy. This is the trend we'd like to repeat in Azerbaijan as well," she said.

As for EBRD's priorities for Azerbaijan in 2019, Duarte noted that EBRD has a valid country strategy for Azerbaijan, which provides it with necessary guidance for investments.

Further, she talked about the process of disbursing loan for Lukoil Shah Deniz Stage II Extension in Azerbaijan.

"The project was approved by our shareholders but is yet to be signed," said Duarte.

The project envisages provision of a loan to LUKOIL Overseas Shah Deniz Ltd to extend additional financing for its share in the second stage of the development of Shah Deniz, an offshore gas exploration and production project in Azerbaijan and one of the largest gas fields in the world. LUKOIL has a 10 percent stake in the Shah Deniz field. The project is managed by BP plc.

The loan is fully guaranteed by PJSC LUKOIL.

The project includes two additional bridge-linked offshore gas platforms, 26 subsea wells, 500km of subsea pipelines, and the expansion of the gas plant at Sangachal Terminal.

Azerbaijan has been cooperating with EBRD since 1992.


EBRD ready to invest in climate finance projects in Azerbaijan

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