LUKOIL is about to attract $1bln in EBRD and ADB for Shah Deniz-2

LUKOIL Overseas Shah Deniz, an affiliate of Lukoil Overseas, plans to attract funds at $1 billion in the European Bank for Reconstruction and Development and the Asian Development Bank for the implementation of the second stage of the “Shah-Deniz” deposit's development in Azerbaijan. Prime reports citing the materials of EBRD. Lukoil has 10% in the deposit.

Shah Deniz-2 is a large project on the supply of the Azeri gas to Europe and Turkey. The implementation of the project of $28 billion value will contribute to an increase of gas production at the deposit from the current 9 billion to 25 billion cubic meters a year. They are about to supply 16 billion cubic meters of gas to the European market during 25 years within the framework of the project,