EIB approves 1.5 bln euro loan to TAP gas pipline

Oil&Gas Materials 6 February 2018 20:30 (UTC +04:00)

The European Investment Bank on Tuesday approved a 1.5 billion euro loan for the Trans-Adriatic Pipeline (TAP) to bring new gas supplies to Europe and reduce dependence on Russia, a spokesman for the EIB told Reuters.

TAP, the end piece of the $40 billion Southern Gas Corridor, is slated to bring up to 10 billion cubic metres of gas from the giant Azeri Shah Deniz II field to Italy by 2020, crossing Georgia, Turkey, Greece, Albania and the Adriatic Sea.

Shah Deniz 2 is one of the world’s largest gas fields and is developed by a BP-led consortium. TAP shareholders include Azerbaijan energy group Socar, BP and Italian gas group Snam.