Context
OFSI has published two licences in connection with the Shah Deniz project.
Key points to note and next actions
The licences allow a person, or relevant UK institution, to undertake any necessary activity for the continued operation of the Shah Deniz Project, including the provision of goods, services, financing or other support, provided that –
- No direct payment is made to the Naftiran Intertrade Company (NICO) or any other designated person
- Any payments due to NICO are managed via an offset mechanism, special purpose vehicle, or other arrangement such that no funds or economic resources are made available directly to NICO.