BP to Give Loan to BTC

The British Petroleum (BP) the largest foreign investor in Azerbaijan, will lend USD 500 million on construction of Baku-Tbilisi-Ceyhan (BTC) oil pipeline, which is to carry Azeri oil to the Turkish port of Ceyhan, via Georgia.

“We are prepared to lend $500 million,” the Reuters reports quoting David Woodward, president of BP-Azerbaijan.

Funding from international financial institutions for the BTC, designed to carry up to one million barrels per day from 2005, has been delayed after construction began earlier this year.

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