EIB approves 932 mln euro loan for TANAP
Baku, Azerbaijan, Mar. 16
The European Investment Bank (EIB) Board approved EUR 932 million of financing for the 1850 km Trans-Anatolian Pipeline (TANAP) to bring natural gas from Azerbaijan’s Shah Deniz-2 gas field to Europe, said on the website of EIB.
The Shah Deniz Stage 2 project is set to bring gas directly from Azerbaijan to Europe for the first time, opening up the Southern Gas Corridor.
In total 16 billion cubic meters a year of Shah Deniz Stage 2 gas will be delivered through more than 3500 kilometers of pipelines through Azerbaijan, Georgia, Turkey, Greece, Bulgaria, Albania and under the Adriatic Sea to Italy.
The Southern Gas Corridor, worth over $40 billion, is considered as one of the priority energy projects for the EU, which strives for diversification of gas sources. The project envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At an initial stage, the gas to be produced in 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 Shah Deniz Stage 2, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).