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Caspian

Asia

Shah Deniz gas project gets $500m loan

The Asian Development Bank (ADB) will provide a $500million loan to support the Shah Deniz 2 gas project in the Caspian Sea, the Azeri finance ministry said.

Oil & Gas

BP’s latest battle: Keeping control of prize Caspian oil field

BP Plc has no shortage of challenges: adapting to lower oil prices, dealing with the legal fallout from 2010’s Gulf of Mexico spill and managing the largest foreign investment in Russia. Chief Executive Officer Bob Dudley can add another to the list: extending an agreement with Azerbaijan to manage the country’s largest oil project, fields accounting for about 4 percent of the London-based company’s global production. Dubbed the “contract of the century,” BP signed a deal to develop the fields in 1994 as an independent Azerbaijan emerged for the chaotic collapse of the Soviet Union.