TAP receives Europe Oil and Gas Deal of the Year award in London

Baku, February 14, AZERTAC

The Trans Adriatic Pipeline (TAP) designed to pump Azerbaijani gas to Europe has received the Europe Oil & Gas Deal of the Year award for the EUR 3.9 billion project financing that it closed in late 2018, Southern Gas Corridor CJSC told AZERTAC.

The 2018 PFI Award winners were announced at the annual gala dinner hosted by the Project Finance International (PFI).

The event was attended by hundreds of senior professionals from the commercial banks, international financial institutions (IFIs), project companies and sponsors, including those of Southern Gas Corridor CJSC.

TAP successfully completed financial close in December 2018, securing Euros 3.9 billion - the largest project finance agreed for a European infrastructure project in 2018. The financing is provided by a group of 17 commercial banks, alongside the EBRD and the European Investment Bank (EIB).

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 878 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP`s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

PFI is the leading publisher of global energy and infrastructure finance news, data and analysis.

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