For the construction of TANAP pipeline to bring natural gas from the Caspian basin to Europe via Turkey, the World Bank will allocate $ 1 billion and the European Investment Bank (EIB) will allocate EUR 1 billion, writes the Turkish Hurriyet newspaper.
58% of the project belongs to the State Oil Company SOCAR, 12% - to the Turkish company BOTAS and another 12% - to BP. Shareholders should finance the project in accordance with its shareholding. The share of Turkish BOTAŞ is $ 3 billion. To finance these funds Turkish company borrowed from the World Bank 1 billion dollars and 1 billion Euros from the European Investment Bank.
The total cost of TANAP is estimated at 10 billion dollars. Letting TANAP is expected in 2018. After the TAP (Greece-Albania-Italy) gas pipeline is built, the gas will go to Europe in 2020. -16D-
Economics
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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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