Project description
and objectives:
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The project consists of the development of the northern part of Samotlor field, one of the ten largest oil fields in the world. The financing complements an earlier EBRD transaction with Chernogorneft signed in March 1997. The project aims to:
- stabilise and increase oil production of the company;
- optimise the oil extraction from the oil field and increase recovery of oil; and
- expedite the company's Environmental Action Plan, including recultivation of contaminated areas and replacement of corroded gathering lines.
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Transition impact:
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- The financing of one of the most transparent Russian oil companies with good corporate governance will set an example for other corporations in Russia.
- A substantial proportion of the goods and services required for the implementation of the project is expected to be procured locally, bringing significant benefits to the region.
- Part of the oil produced will be exported, bringing hard currency revenue.
- The project will generate a significant amount of tax revenue for the Russian Federation.
- Implementation of a company-wide environmental programme will provide significant benefits to the environment.
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The client:
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Chernogorneft is an oil production company based in Nizhnevartovsk in western Siberia. Chernogorneft's activities are oil field development, production, transportation and sale of oil. It operates a number of oil fields, including part of the Samotlor field. Chernogorneft is part of Sidanco Group, a vertically integrated Russian oil company.
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EBRD finance:
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US$ 120 million (ECU 107 million) loan. Up to 50 per cent of the loan will be presented to local and foreign commercial banks for syndication.
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Total project cost:
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US$ 370 million (ECU 332 million).
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Environmental impact:
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A summary environmental analysis of this project is annexed to this document.
There is an Environmental Impact Assesment available for this project.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Andrey Ryjenko, Operation Leader: ryjenkoa@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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