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
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
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 7, 2010
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Disclosed by Bank Nov 22, 2011

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project 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

Contact Information
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