VOL. XLVII
No 11
15-March-2004
ENERGY FINANCE
Saudi Hollandi Bank Issues $215Mn Letter Of Credit For Lukoil Saudi Gas Exploration
The Saudi Hollandi Bank (SHB), in close cooperation with ABN AMRO, has arranged a $215mn standby letter of credit to a joint venture between Russia's Lukoil and Saudi Aramco to cover performance risks for a gas exploration contract awarded in late January (MEES, 2 February 2004). The joint venture Lukoil Saudi Arabia Energy Ltd (Luksar) is owned 80% by Lukoil and 20%...
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