TAP gas pipeline to get 1.2 bln euros in loans from EBRD in 2018

Baku, February 20, AZERTAC

The European Bank for Reconstruction and Development plans to allocate loans worth up to 1.2 billion euros for the Trans-Adriatic Pipeline (TAP) this year, part of a $40 billion project to bring new gas supplies to Europe, an EBRD official said.

The gas would come from the giant Shah Deniz 2 field in Azerbaijan via TAP as well as from the South Caucasus Pipeline that cuts through Georgia and the Trans-Anatolian Pipeline (TANAP) that goes through Turkey.

"The amount expected will be in the range of up to 500 million euros in a direct loan and up to 700 million euros in a syndicated loan, subject to final internal approvals," Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus, told Reuters.

"It's expected to be approved towards the middle of the year."

In 2017, the EBRD approved a $500 million loan for the TANAP pipeline. Azerbaijani gas flows to Turkey are expected to begin flowing through it in July 2018. The European Investment Bank approved a 1.5 billion euro loan for the TAP earlier this month.

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