Baku, Azerbaijan, May 14
By Azad Hasanli - Trend:
Mission of the Asian Development Bank (ADB) may visit Baku in the near future to discuss financing for the second phase of the largest Azerbaijani Shah Deniz gas and condensate field's development project, new Azerbaijan Country Director for the ADB Nariman Mannapbekov told Trend May 14.
"At present, possibilities of the visit are being considered, and this issue has not yet been confirmed," said the director, adding that negotiations on the project haven't started, either.
It was earlier reported that the ADB will consider the possibility to allocate loan worth $1.505 billion for the second phase of the Azerbaijani Shah Deniz gas and condensate field's development.
The investment plan of the Shah Deniz-2 project's multitranche financing is at the proposal stage.
The plan provides a partial credit guarantee (PCG) to support commercial bank financing of government shares in the amount of 16.67 percent of the project's cost.
The project will be implemented by Southern Gas Corridor CJSC.
The gas to be produced as part of the Stage 2 of the Shah Deniz field's development will be exported to Turkey and to the European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).
ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became ADB member on December 22, 1999. The country's share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).