International financiers, including the International Finance Corporation (IFC), have marked the formal financing of investments in the Baku-Tbilisi-Ceyhan (BTC) pipeline, a network that extends from Azerbaijan and Georgia to Turkey.
Through a series of initiatives, IFC is helping local entrepreneurs in all three countries benefit from the oil project. This includes technical assistance to service and supply companies, leasing activities, capacity building for local consultants who provide business services, and the development of new financial products to improve access to capital for small and medium enterprises.
The BTC pipeline is a dedicated crude oil pipeline system, 1,760 kilometers long, with a capacity of one million barrels per day. The pipeline will extend from the IFC's investment in the BTC pipeline consists of a loan up to $125 million for its own account and a loan of up to $125 million in commercial syndication. The total project cost of BTC is approximately $3.6 billion.
Turkey is expected to earn $3.4 billion from pipeline and terminal operations, transit fees, and upstream investments from the project. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
