ADB allocates $1 million for of Azerbaijan’s largest gas field

Asian Development Bank (ADB) has allocated a grant worth $1 million as the Project Preparatory Technical Assistance (PPTA) within the second stage of development of the largest Azerbaijani Shah Deniz field, the bank’s website reported.

The ADB Baku office confirmed the allocation of the grant June 24.

Agreement on the PPTA was signed June 6, 2016, and came into force on the same day. All the work should be completed before December 31, 2016.

The PPTA will undertake the necessary due diligence for preparing the Shah Deniz Stage II Investment Plan and tranche 1, and will assist in the pre-implementation work.

ADB’s Shah Deniz Stage II Investment Plan is $1.505 billion.