Middle East Economic Survey

VOL. LIII

No 37

13-Sep-2010

CASPIAN

BP In $5Bn Reserve Based Lending Deal

BP is currently implementing a reserve based lending (RBL) deal based on its Azeri-Chirag-Guneshli crude oil assets in the Caspian Sea off Azerbaijan and its Angolan reserves. The company is aiming to raise just over $5bn, with up to $2.5bn coming from the Caspian operations and $3bn from Angola. The funds are being sought to allow BP to set aside compensation funds following its Macondo oil...