Baku, Azerbaijan, Oct. 4
By Azad Hasanli – Trend:
Azerbaijan's Southern Gas Corridor CJSC has spent almost 90 percent of the World Bank (WB) loan allocated for the Trans-Anatolian Natural Gas Pipeline (TANAP) project, a source in the bank told Trend Oct. 4.
As of September 30, the Southern Gas Corridor CJSC received $351.22 million of the envisaged $400 million from the bank. In turn, Turkey’s BOTAS company received $182.33 million of the envisaged $400 million. Both companies are the beneficiaries of the TANAP project.
“Currently, the WB mission is in Baku,” the source noted. “The mission is headed by the bank’s Senior Energy Specialist Abdulaziz Faghi. This is a review mission. Members of the delegation are in talks with representatives of the Southern Gas Corridor CJSC and members of the Azerbaijani government to review the progress of TANAP construction work.”
In general, the WB positively assesses the progress of the project, all work goes according to schedule, and there are no problems in the project’s implementation, the source added.
In late 2016, the WB Board of Directors allocated $800 million for this project: $400 million for the Southern Gas Corridor CJSC and $400 million for BOTAS.
The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of TANAP and Trans Adriatic Pipeline (TAP).