Shah Deniz Stage II Offshore Project in Azerbaijan Secures $1bn Financing

Shah Deniz stage II offshore project in Azerbaijan

     

       

            Offshore natural gas field project in Azerbaijan, Shah Deniz stage II will receive a financing package of $1bn from the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD), and the Black Sea Trade and Development Bank (BSTDB).
The total cost of the Shah Deniz II development will top $47bn. It is planned to be developed in a consortium of companies which includes BP, TPAO, Petronas, SOCAR, Lukoil, NICO and SGC.
The gas field will feed Southern Gas Corridor from Caspian to Europe and its development would bring gas to south-eastern Europe.

"ADB's involvement has helped catalyse long-term bank financing support from commercial banks."

Lukoil Overseas Shah Deniz, a subsidiary of Lukoil, which has a 10% interest in the field will get the financing.
A chain of pipelines including the existing South Caucasus Pipeline and the planned Trans-Anatolian and Trans-Adriatic pipelines will be used to transport gas from Azerbaijan through Georgia and Turkey to Greece and Bulgaria, and later on to Italy to reach Europe.
ADB private sector operations department deputy director general Michael Barrow said: "This will be the largest gas field development project undertaken in Azerbaijan, generating more economic opportunities and helping to boost closer regional ties with Georgia and Europe.
"ADB's involvement has helped catalyse long-term bank financing support from commercial banks."
EBRD Energy and Natural Resources managing director Riccardo Puliti said: "This project is one of the EU's highest priorities for the energy sector.
"It helps cut carbon emissions by providing a bridge fuel for renewables and replacing coal. The project will also be a very big step towards the market-based hub pricing for gas which will bring Europe closer to a common gas market."
As part of the financing, the EBRD and ADB will each lend $250m to the project and BSTDB will provide a $60m.
A group of commercial lenders including Bank of China, London branch; ING Bank; Société Générale; and Unicredit Bank Austria will provide the remainder of the financing.
The project, from which production is expected to begin in 2018, will help provide jobs for over 16,000 people through to 2022.

Culled from: http://www.offshore-technology.com/news/newsshah-deniz-stage-ii-offshore-project-in-azerbaijan-secures-1bn-financing-4643121

17 YEARS OF EDUCATION AND FOOTBALL

The NNPC/Shell Cup football competition for secondary schools celebrated its seventeenth year in 2015. This milestone year witnessed Rochas Okorocha Foundation College, Ogboko, Imo State, emerge winners of the 2015 series, after defeating Government Day Secondary School, Gwale Kano by 2-1 inside the main bowl of the Teslim Balogun Stadium, Surulere, Lagos.
The football competition was initiated in 1998 by the Shell Petroleum Development Company (SPDC) and its joint venture partners. Its objective was to reduce the number of boys who abandon their education in pursuit of football careers. “Combining sports with education is the main objective of the NNPC/Shell Cup. I am happy to say that this has been achieved by the sustained efforts of SPDC, our joint venture partners and the Nigeria Schools Sports Federation” said the SPDC General Manager, Gas, Ubaka Emelumadu, who represented the SPDC MD/ Country Chair, Shell Companies in Nigeria, Osagie Okunbor, at the
2015 Finals.
Rabiu Abdul of the Ministry of Education, Kano, has attended every finals game since the inception of the
NNPC Shell Cup competition! Speaking to Lori Uduje on his motivation for attending the competitions, the former Games Master who has coached several primary and secondary schools in Kano since the 80’s said, “I attend the finals of the competition, even when the schools I coordinate do not qualify. I like to see our youths progress, and I appreciate the effort that Shell and NNPC are putting into youth development through sports.” The competition has achieved great success in motivating youths to take their education seriously even while they continue to pursue their football careers. Mr. Abdul explained that “In Kano, students are
motivated to come to school, simply because they know it’s a criterion to participate in the NNPC/Shell Cup.”
In the 2015 edition, former Super Eagle’s Mike Obiku, Gido Vader and Melvin Boel from the renowned Feyenoord Academy were on ground to provide coaching clinics for all the semi-finalists. The partnership with Feyenoord Academy which began in 2014 is one way the SPDC JV is improving the experience of
the players and coaches. “Feyenoord Academy is one of the most successful youth academies in the world and SPDC and its joint venture partners are pleased to be working with them to bring world-class coaching and player development expertise to Nigeria,” said Igo Weli, General Manager Sustainable Development and Community Relations, SPDC, during a media chat that took place as part of this year’s competition.
NNPC/Shell Cup has recorded many gains. In the past 17 years, the competition has helped discover untapped potential, nurturing them into talented players, while keeping them in school. Champions like
Super Eagles star Ejike Uzoenyi, and Under-17 World Cup winner, Akinjide Idowu are a few examples of national and international players who emerged from the competition.
The NNPC/Shell Cup is a demonstration of the JV’s commitment to the development of Nigerian youths. In the week after the finals, our social media mentions were a testament to the public’s appreciation of our efforts. We recorded 99 re-tweets and 62 “likes” on Facebook. This unprecedented high engagement rate can be directly attributed to posts on the NNPC/Shell Cup

Culled from: http://www.shell.com.ng/environment-society/shell-in-the-society/youth-development/shell-cup/shell-cup-update.html