The shareholders of the project "Southern Gas Corridor" plan to attract before the end of this year from international financial institutions 2 billion, said the head of SOCAR Rovnag Abdullayev to journalists on Saturday. "Negotiations on this issue are underway with the European Bank for Reconstruction and Development, Asian Development Bank and other international financial institutions. Probably before the end of 2016 these banks will be attracted 2 billion," Abdullayev said, without specifying in which currency . He also did not explain on what kind of segment of "Southern Gas Corridor" (expansion of the South Caucasus Pipeline, TANAP and TAP) is planned to allocate funds.
Later he added that "the funds will be attracted for 20 years at very low interest rates", which will allow the shareholders do not invest in the project their own funds. SOCAR president also confirmed that on May 17 in Greece will be a ceremony of laying the foundation of the Trans Adriatic Pipeline.
On 29 February this year at a press conference on the results of the second meeting of the Coordinating Council of the "Southern Gas Corridor" the Energy Minister of Azerbaijan Natiq Aliyev stated that the financing of the project of building the Trans-Adriatic Pipeline (TAP) will be fully resolved on April 28, 2016. He also talked about the possibility of attracting loans from the European financial institutions.
Prior to that, the TAP project was included in the list of 33 priority energy projects of the European Commission, which means the allocation of financial and credit institutions of the EU up to 2 billion Euro loan. In addition, the loan can be recovered on projects in Europe.
Thus, it can be concluded that Abdullayev had in mind credit just for TAP.
The total length of TAP is 878 km, of which 550 km passes through the northern part of Greece, 215 km - through Albania, 105 km - through the Adriatic Sea, and 8 km away - via Italy. The diameter of the land portion of the pipeline in Greece and Albania, is 48 inches, and the marine part of the Italian section of the pipeline - 36 inches.
Building the land part of the TAP gas pipeline in Greece, Albania and Italy will start in summer 2016, and will completed within 42 months. Construction of the offshore part of the pipeline will be carried out in the winter 2017-2018.
TAP shareholders are: SOCAR (20%), BP (20%), Snam (20%), Fluxys (19%), Enag s (16%) and Axpo (5%). -12C--
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