European Investment Bank (EIB) will allocate €1 billion for construction of the trans Anadolu (TANAP) gas pipeline, Bloomberg agency reported quoting EIB Vice President Pim Van Balecom.
He said the funds will be spent to fund share of the Turkish BOTAS company in the project. World Bank will also be involved in the project funding.
“Most likely the bank will approve funding till the end of April 2016 and the first tranche will be allocated in August,” Balecom said.
The project envisages construction of the pipeline to transport gas from the Azerbaijani Shah Deniz field through Georgia to the western border of Turkey.
The carrying capacity of the gas pipeline will be 16 bcm a year, of which 6 bcm will stay in Turkey and the remaining will be exported to Europe.
The gas pipeline is supposed to be launched in 2018 and Europe will receive the first gas from TANAP in 2020.
58% share in TANAP is owned State Oil Company of Azerbaijan (SOCAR), 30% by Turkish Botas and 12% by BP.—0—
Economics
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