May EIB reconsider volume of loan for TAP?

Oil&Gas Materials 6 February 2018 09:52 (UTC +04:00)

Baku, Azerbaijan, Feb.6

By Leman Zeynalova – Trend:

The European Investment Bank (EIB), which is expected to allocate a loan for the Trans Adriatic Pipeline (TAP), has not specified the volume of funds for the project on the agenda of its board meeting.

Earlier, it was reported that EIB considers 1.5 billion euros loan for TAP, which envisages transportation of Azerbaijani gas to Europe.

In response to Trend’s question whether it means changes in the amount of loan, a source in EIB said the fact that the agenda for the EIB Board Meeting on February 6 does not specify a loan volume for the TAP project does not mean a change in the EIB’s approach to this project.

“It is for the Board to decide on the financing for TAP, including the volume of the loan,” added the source.

TAP, 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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