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Under this contract, Petrochem Group will be responsible for inventory management, demand planning and expert advice in support of the Azeri-Chirag-Gunashli (ACG), Shah Deniz, Baku-Tbilisi-Ceyhan (BTC) and South Caucasus Pipeline (SCP) facilities. BP, as the operator of Azerbaijan’s major oil and gas development and transportation projects on behalf of its co-venturers, recently extended an existing contract with the local company Petrochem Group. Of this 40 percent ($6 million) has been funded by BP and co-venturers, and IFC and MFBA funded the remaining 40 percent and 20 percent respectively. In addition, IFC has signed a separate agreement with the Micro-Finance Bank of Azerbaijan (MFBA), which was selected by the IFC for implementation of the project. It is a joint credit facility established by BP on behalf of its co-venturers and the International Finance Corporation (IFC). BP together with its co-venturers is implementing world-class oil and gas development and export projects in the region. BP and its co-venturers also began Phase 2 of the Supplier Finance Facility (SFF) in 2007. This is an important local enterprise development initiative. This project is part of a larger initiative called the Improvement of Provision of Potable Water (IPPW), which was launched in 2005 by BTC/SCP (South Caucasus Pipeline) under their Community Investment Program (CIP).
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