The aim is to finance the development of giant Shah Deniz gas condensate field located in Azerbaijan's sector of the Caspian Sea, EBRD said on February 27.
Lukoil Overseas Shah Deniz Ltd is a 100-percent subsidiary company of Lukoil Overseas, a holding company that manages Lukoil's participation in exploration and production projects outside Russia.
Lukoil holds a ten-percent interest in the Shah Deniz development project.
In December 2013, the final investment decision (FID) was signed between the Azerbaijani government and the BP-led Shah Deniz Consortium that will make construction of the Southern Gas Corridor a reality. During the next few years, Azerbaijani gas will be piped to Europe through some of the most expensive infrastructure in the world. Development of the Southern Corridor will help to drive down gas prices for EU consumers.
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