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500 million dollar financing from EBRD to TANAP

By the European Bank for Reconstruction and Development (EBRD), the Azerbaijan Company for the Trans Anatolian gas pipeline project (TANAP) is the South Gas Corridor...

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500 million dollar financing from EBRD to TANAP
500 million-dollar financing from EBRD to TANAP AA Economics News Entry Date: 18.10.2017 17:38 Update Date: 18.10.2017 17:59 European Development and Development Bank (EBRD) management Board, Azerbaijan company South Ga for Trans Anatolian Natural Gas pipeline project (TANAP) The provision of financing for Z Corridor Aş (SGC) was confirmed as 500 million dollars.

A written statement from bank will carry natural gas from Caspian Sea and constitute most important part of Sourn Gas Corridor, stating that TANAP will provide Europe's energy security and resource diversity, reducing project's carbon emissions Targets will also support.

In a statement conveyed that TANAP will carry Azeri gas over Turkey, bank's board of Directors to complete important project is confirmed to be granted a 500 million loan to SGC.

Part of 40 billion dollar project

The South Gas Corridor, which is an important part of TANAP, is a total of 3,000 500 kilometers long and 6 countries. The total cost of project, which will find 40 billion dollars, is about a thousand 850 kilometers of Tanap.

The first capacity is 16 billion cubic meters and 10 billion cubic meters of natural gas will be transported to Europe and 6 billion cubic meters to Turkey. TANAP will be connected to Trans Adriatic gas Pipeline (TAP) project, European pillar on Greek border.

After TANAP, planned to be completed in middle of next year, TAP is expected to be ready in first quarter of 2020.

For TANAP, nearly $2 billion of funding from international organisations, including World Bank, Asia Development Bank and Asia Infrastructure Investment Bank, has been approved. Negotiations with European Investment Bank (EIB) are also in progress to provide funding for project.

Minister Albayrak on-site examination

Energy and Natural Resources Minister Berat Albayrak also examined work of TANAP's Çanakkale Strait submarine pipe laying two weeks ago.

Pointing out that TANAP is a vital and historic project in terms of European and natural gas supply security, especially in Azerbaijan-Turkey, Albayrak said, "The work continues at last speed, with last pace. Hopefully, if we want this planning, it will be completed sooner than calculation, "he said.

TANAP has a share of 58 percent of South gas corridor, 30 per cent of pipelines and oil transport (BOTAS), and BP has a 12 per cent stake.

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