TCU-AZERI-BANK-LOAN-GAS

European bank approves 170m-dollar loan for major Azeri gas export project

Text of report by Azerbaijani news agency Azartac

16 May: The European Bank for Reconstruction and Development (EBRD) has decided to finance the share of the State Oil Company of the Azerbaijani Republic (SOCAR) in the project of development of the Sah Daniz gas field as part of a low-interest credit agreement.

SOCAR President Natiq Aliyev has told Azartac that the negotiations between the sides ended successfully.

"The company's specialists recently met EBRD experts in London and arrived at the final agreement. The bank intends to provide a low-interest loan of 170m dollars to the oil company. We are satisfied with the loan terms," Aliyev said.

"According to the existing international practice, the company is first to submit its financial and accounting reports to the bank. We hope to do that as soon as possible," he added.

The signing of final documents between the SOCAR and the EBRD is expected to take place in Baku next month.

Source: Azartac news agency, Baku, in Azeri 0810 gmt 16 May 04

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