Baku, Azerbaijan, Apr. 27
By Anvar Mammadov - Trend:
The Board of Directors of the World Bank (WB) will on July 7 approve allocation of a $1 billion loan for Turkey to finance the Trans-Anatolian Natural Gas Pipeline (TANAP) construction project, according to a message posted on the WB website.
It is expected that an additional $1.12 billion will be allocated by the European Investment Bank (EIB).
The long-term loans will be possibly provided under the state guarantee.
Saltuk Duzyol, head of TANAP consortium, said earlier that over one-third of the TANAP was built in Turkey.
He said that the welding work was completed on a TANAP's 440-kilometer-section.
Duzyol said that the relevant contracts were signed for the construction of TANAP's offshore section, to be laid through the bottom of the Dardanelles Strait.
TANAP project envisages transportation of gas of Azerbaijan's Shah Deniz field from 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), it will be delivered to Europe in early 2020.
Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) - 58 percent, Botas - 30 percent and BP - 12 percent.