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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