TAP passess final review for receiving EBRD loan
Baku, Azerbaijan, June 25
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe, has passed the final review for receiving a loan from the European Bank for Reconstruction and Development (EBRD), according to the information on the bank’s website.
The EBRD Board Meeting for approval of the loan will be held July 4.
EBRD plans to allocate loans worth up to 1.2 billion euros for TAP in 2018.
“The amount expected will be in the range of up to 500 million euros in a direct loan and up to 700 million euros in a syndicated loan, subject to final internal approvals. It’s expected to be approved towards the middle of the year,” Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus, earlier told Reuters.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include 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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