Asian Development Bank (ADB) is ready to allot credit worth $450 million for development of the Phase 2 of the Azerbaijani gas condensate field Shah Deniz, reads information on ADB web site.
The bank does not include the schedule of consideration of the issue of credit allotment by the ADB Board of Directors. It is also unknown what company ADB is going to allot credit to.
The cost of the Shah Deniz Phase 2 is estimated at $28 billion. Annual production from the Shah Deniz Phase 2 will be 16 bcm a year, of which 10 bcm will be exported to Europe and 6 bcm to Turkey. Gas supplies to Europe will begin in 2020.
The Shah Deniz project partners include BP (operator with 28.8%), TPAO (19%), SOCAR (16.7%), Petronas (15.5%), LUKoil (10%) and NICO (10%).
