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%...