BAKU.03.12.2004. MEDIA-PRESS: The Italian Bank Banca Intesa has sold part of its share in financing of the construction of oil pipeline BTC and conducts negotiations on sales of remained share, the British Financial Times informs.
"We may confirm sales of part of our investments in the project Baku - Tbilisi - Ceyhan. Moreover, we conduct negotiations with several sides on full sales of our share", - the official of the bank has said answering to answer of the Financial Times. Bank does not open partners on negotiations on delivering of share in the consortium of creditors of BTC Co. and finance details of the deal for confidentiality. From $3.6 bn of the budget of BTC on $60 MM have made a share of Intesa, the issue reminds.
On the past week the President of the SOCAR Mr. Natiq Aliev has declared that cost of the construction of BTC has grown by $120 MM and it is not excluded that it may grow further. By his words, it has been provided by several causes including delay in the schedule of the construction as well as reduction of rate of exchange of dollar.
Total cost of the project BTC makes $3.6 bn and shareholders of the project invest $1 bn and attracted credits make $2.6 bn. Expenses on the construction of the pipeline make $2.95 bn. Expenses on purchase of 10 MM bbl of oil for filling up of the pipeline, expenses on negotiations on financing and redeeming the dept. The project is financed by scheme: 30% - proper means of shareholders and 70% - credit resources.
In organization of financing for BTC banks ABN AMRO, Citibank, Mizuho and Societe Generale, Banca Intesa, BNP Paribas, Credit Agricole Indosuez, Dexia, Hypo Vereinsbank, ING, KBC, Natexis Banques Populaires, San Paolo IMI, West LB, Royal Bank of Scotland.
BP (30,1%); the SOCAR (25%); Unocal (8,9%); Statoil (8,71%); TPAO (6,53%); ENI (5%); Itochu (3,4%); ConocoPhillips (2,5%); INPEX (2,5%), Total (5%) and Amerada Hess (2,36%) are shareholders of the project.