Proposed Lukoil EBRD loan – for whose benefit?
Publisher: CEE Bankwatch Network
Volume: 3 pages, pdf
Description:
Despite the Russian invasion in Ukraine leading to EU and US sanctions against Moscow and major Russian energy companies, public banks supported by EU countries are gearing up to offer almost a billion dollars in financial support to Russian company Lukoil for gas extraction in Azerbaijan. Half a billion dollars from the European Bank for Reconstruction and Development (EBRD) and another USD 450 million from the Asian Development Bank (ADB) are to be invested in Lukoil’s 10 percent share in the Shah Deniz offshore gas field in Azerbaijan (a final decision by the EBRD is expected in early 2015)