Baku, Azerbaijan, Dec.12
By Leman Zeynalova - Trend:
The European Investment Bank (EIB) has postponed the discussions on possibility of allocating a loan for the Trans Adriatic Pipeline (TAP) project to 2018, Trend learned from the bank.
"The discussion of the project was postponed to the first Board of Directors meeting in 2018", said EIB.
It is normal, as the due diligence process for this project requires considerable time, said the bank.
The expected amount of EIB loan for TAP is 1.5 billion euros.
TAP project, worth 4.5 billion euros, is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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