Rus News Journal

Projects on oil

the European bank are prepared will grant the oil loan of Russia

the European bank of reconstruction and development - the European Reconstruction and Development Bank considers the Russian oil complex as the most favourable partner for granting of loans. Today representatives of bank in Moscow will announce the sum and conditions of granting of the new credit. After signing of the credit agreement which will take place next week, means will be directed on development of Ardalinsky group of oil deposits in the north of the Arkhangelsk region.

Russian - the American company Polar light formed by association Arhangelskgeologija and firm Conoco belonging to financially - industrial group Du Pont, has already begun development of Ardalinsky group of oil deposits in the Arkhangelsk region. It is expected that oil recovery on a deposit which capacity is estimated approximately in 125 million tons, will begin in second half of 1994. Now Polar light already carries out delivery of ecologically harmless equipment for drilling of chinks and a lining of the pipeline of 60 km.
the total cost of works on deposit development is estimated in $700 million, and for today company`s resources Polar light make only $100 million Credit the decision about which will be announced today by representatives of the European Reconstruction and Development Bank in Moscow, it just urged to cover a lack of the capital of the company.
it will be already the third credit of bank to the enterprises of oil extracting of Russia. Earlier European Reconstruction and Development Bank credits have been given the enterprises conducting extraction in Timano - the Pechora pool (Republic Komi) and the Eastern Siberia ( Purneftegaz ) .
Growth of activity of the European bank in crediting of the oil-extracting enterprises of Russia, according to foreign experts, is connected with change of a management of bank. On September, 27th Jacque Attali on a post of the president of the European Reconstruction and Development Bank Jacque de will replace Larozer (Jacques de Larosiere). Probably, the new director of bank, whose work in the International currency fund has received an estimation a healthy pragmatism will give particular attention to relations with Russia, in particular to crediting of the oil-extracting enterprises - despite strain of relations of Russia and the European Community.

RADMIR - KILMATOV