This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Circle Maritime Invest (CMI) (EBRD-41446)

  • Kazakhstan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 7, 2010
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Disclosed by Bank Nov 22, 2011

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
PROJECT DESCRIPTION The EBRD is considering providing a senior loan of up to US$ 65 million to Circle Maritime Invest ('CMI' or the 'Company'). The Company will use the funds to finance part of the post-delivery acquisition costs of three shallow draft icebreaking tug boats in order to meet its commitment under a long-term time charter with Agip KCO - a company acting as an agent on behalf of the Kashagan Oil Consortium - to provide offshore support services in the Kazakhstan's sector of the North Caspian Sea. The Project Vessels will be used in icebreaking management operations, as well as in towing, transportation, and rescue activities and other support services to the artificial islands (acting as oil platforms) constructed in the surrounding areas of the Kashagan oilfields. TRANSITION IMPACT The following transition impact is expected to be achieved as a result of implementation of the proposed project: THE CLIENT JSC "Circle Maritime Invest" registered in Kazakhstan, is a privately owned marine service company. Through its operating company, Caspian Offshore Construction (also registered in Kazakhstan), CMI provides operation and maintenance services to offshore support service vessels in the Caspian Sea. It currently has 38 vessels in operation consisting of ice-classed push/pull tugs, emergency evacuation vessels, crew boats, and barges as well as floating hotels; 10 of which are owned by the Company. The Company's main client is Agip KCO N.V. which is the operator on behalf of the seven international oil companies representing the Consortium involved in the exploration of the Kashagan oil fields, and other deposits such as the Aktote, Kairan and Kalamkas discoveries in the northern part of the Caspian Sea. EBRD FINANCE A senior loan of up to US$ 65 million. PROJECT COST The total investment cost of the Project is US$ 122 million. ENVIRONMENTAL IMPACT Project Categorisation TECHNICAL COOPERATION None. COMPANY CONTACT Gulam Aliyev, Chief Investment officer of JSC "Circle Maritime Invest"
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at

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