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].”

Chakrabarti, added that moreover, EBRD is highly likely to participate in the Southern Gas Corridor project.

Southern Gas Corridor is one of the priority energy projects for EU. It envisages the transportation of gas from the Caspian Sea region to the European countries through Georgia and Turkey.

At the initial stage, gas to be produced as part of the Stage 2 of development of Azerbaijan’s Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.

As part of the second stage of the Shah Deniz field’s development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian and Trans-Adriatic gas pipelines.

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).

Azerbaijani gas will be delivered to Europe approximately in early 2020 after the completion of construction of TAP (part of the Southern Gas Corridor).