The U.K.'s official export credit agency has received government approval to underwrite up to $150 million of work by British firms on the $3.4 billion Baku-Tbilisi-Ceyhan oil pipe from the Caspian Sea to the Mediterranean. This follows agreement by the World Bank's International Finance Corp. and the European Bank for Reconstruction and Development to help finance work on the 1,760-km line. Among U.K. companies on the project are British Petroleum Co. plc., London, leader of the pipeline sponsor consortium, and AMEC SPIE, which is helping engineer and deliver a 248-km section through Georgia.

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