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Tuesday, 04 November 2003
CASPIAN OIL PIPELINE PASSES TESTS -WORLD BANK
By empty (11/4/2003 issue of the CACI Analyst)
The World Bank Group\'s oil director said on Tuesday a major Caspian Sea oil project warranted its support and had passed the environmental and social criteria. The International Financial Corp, the World Bank\'s private sector arm, on Tuesday approved up to $310 million in loans for the project, which includes investment in a pipeline that stretched from Azerbaijan\'s capital Baku, through Tbilisi, Georgia and on to Turkey\'s Mediterranean port of Ceyhan. \"It is fair to say that these kinds of projects entail some risks but we feel the risks have been mitigated or addressed,\" Rashad Kaldany, director of the group\'s oil, gas, mining and chemical department told Reuters.
The World Bank Group\'s oil director said on Tuesday a major Caspian Sea oil project warranted its support and had passed the environmental and social criteria. The International Financial Corp, the World Bank\'s private sector arm, on Tuesday approved up to $310 million in loans for the project, which includes investment in a pipeline that stretched from Azerbaijan\'s capital Baku, through Tbilisi, Georgia and on to Turkey\'s Mediterranean port of Ceyhan. \"It is fair to say that these kinds of projects entail some risks but we feel the risks have been mitigated or addressed,\" Rashad Kaldany, director of the group\'s oil, gas, mining and chemical department told Reuters. (Reuters)