Public hearings on BTC project in Turkey

The first public hearings on the project of construction of Baku-Tbilisi-Cheyhan (BTC) main export pipeline (MEP) organised by the International Financial Corporation (IFC) and the European Bank of Reconstruction and Development (EBRD) will take place today, on 26 August, in Erzerum (Turkey), Media-Press reports.

In total the IFC and EBRD will carry out six such meetings. Two of them in Turkey, on of which as mentioned above in Erzerum on 26 - 28 August in Adan, on 1- 4 September in Azerbaijan - in Gyanjah and Baku and on 8-11 September in Georgia - in Borjomi and Tbilisi. After 120 days these international financial institutions will make a decision about an allocation of $150 million by each of them as a loan for the BTC construction and $100 million more for the financing of "Phase-1" of the development of Azeri-Chirag-Guneshli fields according to the results of discussions.

By the end of June 30% of financial funds of the BTC Co. participant companies will be spent for the construction of BTC. All project participants continue to invest their inner funds into the project realisation.