ECONOMY


European Investment Bank pledges 1 billion euros for TANAP

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Baku, February 5, AZERTAC

The European Investment Bank (EIB) has pledged one billion euros in a loan for the construction of Trans-Anatolian gas pipeline project (TANAP). EIB Vice-President Pim van Ballekom said their aim was to support the project through Botas company. He said the World Bank also plans to allocate funds for this project. “EIB plans to approve funds by the end of April and the first payment will be executed late August,” he added.

TANAP, which forms the main part of Southern Gas Corridor, will be 850 kilometers in length.

It will transport gas from "Shah Deniz-2" field in Azerbaijan sector of the Caspian Sea to Europe, running from the Turkish border with Georgia, beginning in the Turkish village of Türkgözü in the Posof district of Ardahan, through 21 provinces, to the Greek border in the Ipsala district of Edirne.

The pipeline is planned to be commissioned in 2018. It is planned to supply 6 billion cubic meters of gas to Turkey and 10 billion cubic meters to Europe. By 2023, TANAP's capacity will rise to 23 bcm per year and then to 31 bcm by 2026.

Beginning from 2020, TANAP will take gas from the South Caucasus Pipeline to Greece, Albania and to Europe via Italy, by joining the TAP pipeline

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