EBRD approves $500 mln loan for Russia's Lukoil for Azeri gas field

August 4, 2015 5:03 PM

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BAKU Aug 4 The European Bank for Reconstruction and Development (EBRD) has approved $500 million loan to Russia's second biggest oil producer, Lukoil, for participation in the development of Shah Deniz gas field in Azerbaijan, the bank said.

The credit is a half of $1 billion loan to be allocated to Lukoil by the EBRD and the Asian Development Bank (ADB). The EBRD and ADB were appointed by Lukoil as the mandated lead arrangers for the transaction, which is aimed at financing the company's 10 percent share in the project.

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