Azerbaijan, Baku, Aug. 16 / Trend E.Ismayilov /
Royal Bank of Scotland, Societe Generale, BNP Paribas and Standard Chartered will allocate two long-term loans (five years) worth $5 billion for the British company BP, which is a party to major energy projects in Azerbaijan, Reuters reported.
Two billion will be allocated by Royal Bank of Scotland and Societe Generale, and the remaining three billion - BNP Paribas and Standard Chartered. Loans are due before June 30, 2015.
Loans will be used for general corporate purposes, including improving the overall liquidity position of the company.
In particular, two billion will be spent on a project to develop Azerbaijan's offshore block Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea, and the remaining three billion on operations in Angola.
Commitments on loans will come into force in September 2010.
Shareholders of the Azeri-Chirag-Guneshli development project are: BP (operator - 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%), Hess (2.7%).