EBRD will make decision about investing $300 m into building of BTJ after additional estimation of ecological safety of the project

/Kazakhstan today, March 26, 03/ - One of the potential investors of building of the oil pipeline Один из потенциальных инвесторов строительства нефтепровода Baku-Tbilisi-Jeikhan - European bank of reconstruction and development (EBRD) - will make decision about giving $300-million credit for this project only after additional estimation of its ecological safety. A correspondent of KZ-today came to know about it from the press-release, which had been published in the official site of EBRD. EBRD announced about its intention to invest $300 m. into building of the oil pipeline first in May of last year. Then the end of 2002 was called the approximate term of making of final decision. As is noted in the message, in spring of 2003 the bank will prepare additions into "Estimation of social and ecological influence " concerning the project, and after that 120-day period of public discussion of this document will start. Only after this term comes to end the bank's Board of directors will make final decision concerning the loan. Cost of building of the pipeline Baku-Tbilisi-Jeikhan, carrying capacity of which is planned on the level of 50 m. tons a year, is estimated at $2.9 bn. Works are to be finished in 2005, and first supplies of Kazakhstan oil by the rout Baku-Jeikhan will start no earlier than in 2008, when the level of Kazakhstan operators' oil production will reach 100 m. tons a year. In order to finance the project there was founded company BTC Co. Its shareholders are BP (30.1%), State-owned oil company of Azerbaijan (25%), American company Unocal (8.9%), Norway company Statoil (8.71%), Turkish TPAO (6.53%), Italian concern Eni (5%), Japanese Itochu (3.4%), Inpex (2.5%), French-Belgian TotalFinaElf (5%), Saudi Amerada Hess (2.36%) and American Conoco-Phillips (2.3%). The listed companies intend to finance only 30% of cost of the building, whereas it is planned to attract the other part of funds from international financial institutions, besides EBRD, they are IBRD, IFC, OPIC and other. [2003-03-26]