WB to consider financing of TANAP

Business Materials 9 December 2016 17:30 (UTC +04:00)

Baku, Azerbaijan, Dec. 9

By Azad Hasanli – Trend:

The Board of Directors of the World Bank (WB) on Dec. 20 will consider allocating a loan worth $400 million on construction of the Azerbaijani part of the Trans Anatolian Natural Gas Pipeline (TANAP) project, the WB Baku office told Trend Dec. 9.

The source said that the funds will be allocated to the Southern Gas Corridor CJSC if the loan is approved.

The WB is in negotiations simultaneously with Turkey's Botas Petroleum Pipeline Corporation for financing TANAP.

Turkey's Botas Petroleum Pipeline Corporation is also expected to receive a loan worth $400 million.

The WB Baku Office told Trend earlier that WB was considering an opportunity of providing guarantees for loans to finance Azerbaijan's share in TANAP project.

TANAP envisages transportation of gas of Azerbaijan's Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. Turkey will get gas in 2018 and after completing the construction of Trans Adriatic Pipeline (TAP), gas will be delivered to Europe in early 2020.