Loans   Abroad   Natural Gas

7/6/2018

Trans Adriatic Pipeline (TAP) Project

EBRD Executive Board confirmed 500 milion euro financing.

EBRD credit to be opened for Trans Adriatic Pipeline Project (TAP) to carry annualy 10 billion cubic meter (bcm) Azeri natural gas produced from Shah Deniz 2 field, to Europe from TANAP at Turkey-Greece border. 

EBRD Executive Board has confirmed 500 million euro financing for the Project. In the announcement of the Bank on the subject, it is noted that TAP Project is of priority for European Union and Energy Community. It is also reminded that 878 km TAP, to start at Turkey-Greece border to end at Italy, is the final leg of South Gas Corridor of total 3.500 km long, with USD 40 billion investment cost, and will carry Caspian gas to Europe. 

It is noted that TAP with total 10 billion cubic meter gas capacity, will meet natural gas requirement of  7 million household in Europe and will make a major contribution to energy diversity. It is also reminded in the annnouncement that European Investment Bank had earlier confirmed 1.5 billion euro financing for TAP, and reported that export credit agencies of France, Germany and Italy consider to extend financing for the Project. 

As it might be recalled, we reported that EBRD Board of Directors’ approval would be sought for the Project on 4 July 2018 and then would be made effective. We also reported that 30% progress attained in compressor station construction in Fier, Albany TEBA:June 26, 2018.