IN THIS SECTION The Baku Ceyhan Campaign Impacts of the BTC pipeline The money behind the pipeline Financial institutions - breaking their lending rules Reports & Publications Is it worth the risk? A financial analysis of the project

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Baku-Tbilisi-Ceyhan Pipeline

The money behind the pipeline

Just 30% of the $4 billion capital cost of the BTC pipeline came from equity provided by the oil companies building it. The remaining 70% came from external debt (loans), some of it from public (taxpayers') money and the rest from private banks. The loan agreement for the pipeline was signed in February 2004.

The public money comes from three multilateral institutions:

• The International Finance Corporation (part of the World Bank Group)
• The European Bank for Reconstruction & Development
• The Multilateral Investment Guarantee Agency (part of the World Bank Group)

and from seven export credit agencies:

• JBIC NEXI (Japan)
• OPIC (USA)
• US EXIM (USA)
• ECGD (UK)
• COFACE (France)
• Hermes (Germany)
• SACE (Italy)

The private finance comes from fifteen commercial banks:

• Royal Bank of Scotland (UK)* 
• Citigroup (US) *
• ABN Amro (Netherlands) *
• Mizuho (Japan) *
• Société Générale (France)
• KBC (Belgium)*
• Dexia (Belgium)*
• West LB (Germany)*
• Hypovereinsbank (Germany)*
• BNP Paribas (France)
• Natexis Banques Populaires (France)
• Calyon (France)*
• ING (Netherlands)*
• San Paulo IMI (Italy)

*: has signed Equator Principles

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Baku-Tbilisi-Ceyhan Pipeline