Environmental impact assessment

Project description
and objectives:

The proposed EBRD financing of up to €90 million to the Irkutsk Oil Company (the “IOC”) aims at supporting an independent oil and gas company which operates in the remote Eastern Siberian region of Irkutsk only recently opened up for development of the oil and gas resources. This transaction will follow the acquisition by the Bank of a 8.15% of the Company earlier this year and was conceived already at that stage as part of the IOC and Bank strategy regarding the development of the Company. The proceeds of the financing will be used for the completion of a gas cycling project which will contribute to significant gas flaring reduction.

The expected transition impact of the project (achievable in conjunction with the equity part) derives from the following:

• support to a junior private company in the upstream oil and gas sector in Russia, which is otherwise dominated by large (state-owned) majors;
  
  
• increased transparency (covenanted PWYP, audited IFRS accounts, reporting on implementation of ESAP), improvements in environmental and corporate governance practices to align the company with best international practices;
  
  
• potential demonstration effect to other oil and gas companies in Russia of the benefits from gas flaring reduction (before new legislation comes into force in the region).

There is a project summary document available for this project.

EIA summary:

Executive summary (English)  (0.4Mb)
Executive summary (Russian)  (0.5Mb)

Full EIA availability:

Full ESIA documentation is available locally at:

Irkutsk Oil Company
12 Rossiiskaya street
Irkutsk
664025
Russian Federation
Tel: +7 3952 211 352, ext. 2105
Fax +7 3952 211 353
Alexey Dyakov, Deputy Director Environmental Department

Also available on the company's web site

Katanga district, 666610
Village Erbogachan
Komsomolskaya st., 6
Tel: +7395-60
Fax: +7201-127
Muller Andrey Nikolaevich, Environmental specialist of the Katanga administration
Opening hours 9am – 6pm, lunch break from 1pm to 2pm.

666793 Ust-Kut
Halturina st., 52
Tel: +7395-65, +7580-58
Fax: +7576-04
Morozov Vasiliy Vasilievich , Deputy of the Head of Ust-Kut municipal administration
Opening hours 9am – 6pm, lunch break from 1pm to 2pm.

666784 Ust-Kut
Kalinina st., 6
Basov Alexander Dmitrievich, representative of the company
Opening hours 8.30am - 5.30pm

And
EBRD
Dukat Palace III
6 Gasheka st.
125047 Moscow
Russian Federation

And
EBRD's Business Information Centre in London

Enquiries:

Irkutsk Oil Company
Alexey Dyakov, Deputy Director
Environmental Department INK
Tel. +7 3952 211 352 ext. 2105
Fax +7 3952 211 353
E-mail: dyakov_aa@irkutskoil.ru

Web site