EBRD interested in oil sector

EBRD will take part in financing the Main Export Pipeline Baku-Tbilisi-Ceyhan, according to the president of the Bank Jean Lemierre. He indicated that due to the high cost of the project, the participation of other major financial institutions is also necessary.

The EBRD president said the Bank is financing the interest stake of “Moncrief Oil” in the “Padar-Kharami” prospect, but declined to spell out any figures and crediting terms. According to him, the Bank may take part in other projects in the future, “everything depends on the conditions”.

According to a source from “Moncrief Oil”, the information concerning EBRD’s funding the company’s stake in the mentioned contract is being withheld.*