Hurriyet Daily News: Turkish Petroleum Corporation secures $1-billion loan for Shah Deniz

The state-run Turkish Petroleum Corporation (TPAO) has inked a $1 billion loan agreement with Turkish state-run lender Vakıfbank and the country’s largest non-state lender İşbank so it can purchase Total’s stake in an Azeri gas project.

The TPAO in May signed a $1.5 billion agreement to acquire the Total’s 10 percent stake in Azerbaijan’s Shah Deniz gas project, which will lift TPAO’s stake in the project to 19 percent, while the French energy company exits the project.

Both banks will provide $500 million seven-year term loans according to the deal signed by the TPAO during a ceremony that was attended by the Energy Minister Taner Yıldız on Aug. 21.

The company will use its own equity for the remaining $450 million tranche.
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