EBRD to allocate loan for Shah Deniz-2 project (UPDATE)
Details added (first version posted on 16:02)
Baku, Azerbaijan, May 8
By Azad Hasanli - Trend:
The European Bank for Reconstruction and Development will allocate syndicated loan within the Shah Deniz-2 project, EBRD President Suma Chakrabarti said.
Chakrabarti, who is on a visit to Azerbaijan, made the remarks during the press conference in Baku May 8.
The exact volume of the loan and the timeframe is yet unknown, according to the EBRD president.
Head of EBRD Baku office, Neil McCain for his part added that this issue will be discussed in the summer, during the meeting of the bank's Board of Directors.
"The loan will be allocated after the approval [of the timeframe and volume]."
The reserve of Shah Deniz gas and condensate field is estimated at 1.2 trillion cubic meters of gas. The contract for development of the field was signed on June 4, 1996.
The volume of production at Shah Deniz field in 2014 totaled 9.9 billion cubic meters of gas and 2.3 million metric tons of condensate (18.7 million barrels), compared to 9.8 billion cubic meters of gas and 2.48 million metric tons of condensate (19.6 million barrels) in 2013.
The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Statoil (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).
Follow the author on Twitter: @AzadHasanli