Irkutsk Oil and Gas Company (Debt)

Country:

Russia

Project number:

38626

Business sector:

Natural resources

Notice type:

Private

ESIA disclosed:

19 Dec 2008

Status:

Complete

Target board date:

10 Mar 2009

Purpose of the Environmental and Social Impact Assessments

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.

ESIA Summary

Executive summary (English) (365KB - PDF)
Executive summary (Russian) (455KB - PDF)

Full ESIA availability

Full ESIA documentation is available locally at:
EBRD Headquarters in London, environmentandsocial@ebrd.com

And

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

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

 

This document was prepared at an early stage of project development, before consideration by the EBRD Board of Directors. Details of a project may change following disclosure.

Environmental and Social Impact Assessments and ESIA summaries are produced by project sponsors, and the EBRD makes them available without any comment or implied endorsement. Any views expressed or statements made in the Environmental and Social Impact Assessment or the ESIA Summary do not necessarily reflect the views or opinions of the EBRD.

Last updated 25 June 2014