Azernews.Az

By Nazrin Gadimova

Azerbaijan has favorable investment climate and this allows attracting large investments, President of Russia's Lukoil Company Vagit Alekperov said at the opening of Nikoil bank's new office in Baku on November 25.

According to Alekperov, Lukoil is actively involved in the development of unique Shah Deniz field in the Azerbaijani sector of the Caspian Sea and is not considering participation in other energy projects in the country. Today the company is active in the northern part of the Caspian Sea.

Referring to its retail sales network, Alekperov said that the company believes it has adequate network that meets the needs of customers, so its expansion is not planned.

Russia's Lukoil Company intends to attract $200 million from the European Bank of Reconstruction and Development (EBRD) for financing the development of giant Shah Deniz gas condensate field.

The proposed financing is a pre-planned increase to the existing exposure of the bank to the Lukoil Overseas Shah Deniz Ltd relating to the development of the off-shore Shah Deniz gas and condensate field in Azerbaijan.

The borrower is Lukoil Overseas Shah Deniz Ltd, which is a 100-percent daughter company of Lukoil Overseas, operator of Lukoil's foreign projects. Lukoil holds a ten-percent interest in the Shah Deniz development project.