Turkish banks lends state oil company $1 bln for gas project stake

Turkey's Vakifbank, Isbank to lend state oil company $1 bln to buy Azeri gas project stake. (File Photo: Shutterstock)

Vakifbank, a state-run Turkish lender, and Isbank, the country's biggest non-state lender, will lend $1 billion to state oil company TPAO so it can buy Total's stake in an Azeri gas project, an energy official said on condition of anonymity.

TPAO in May signed a $1.5 billion agreement to acquire Total’s 10 percent stake in Azerbaijan’s Shah Deniz gas project.

The deal lifts TPAO’s stake in the project to 19 percent, while the French energy company exits the project.

Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43