Baku, Azerbaijan, April 6
By Leman Zeynalova – Trend:
The International Bank for Reconstruction and Development (IBRD) and the Asian Infrastructure Investment Bank (AIIB) have allocated the second tranche of loan for the Trans Anatolian Natural Gas Pipeline (TANAP) project.
The recipient of funding is Azerbaijan’s Southern Gas Corridor closed joint-stock company.
The IBRD allocated the second tranche worth $146.3 million on March 30, while AIIB’s second tranche in the amount of $219.5 million was allocated on April 5.
The first tranche from both international financial institutions worth $108.4 million and $162.6 million, respectively, were allocated in February.
The World Bank’s Board of Executive Directors approved a $400 million loan for Azerbaijan for TANAP project on December 20, 2016.
Moreover, AIIB approved allocation of a loan worth $600 million for TANAP project on December 21, 2016.
TANAP project envisages transportation of gas from Azerbaijan’s Shah Deniz field to the western borders of Turkey. The length of TANAP is 1,800 kilometers with the initial capacity of 16 billion cubic meters. Around six billion cubic meters of the gas will be delivered to Turkey and the remaining volume will be supplied to Europe.
The gas will be delivered to Turkey in 2018 and after completion of the Trans-Adriatic Pipeline’s construction the gas will be delivered to Europe in early 2020.
TANAP shareholders are Azerbaijan’s state oil company SOCAR (58 percent), BOTAS (30 percent) and BP (12 percent).
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