EIB to finance TANAP gas project

Accordijg to Bloomberg, the European Investment Bank (EIB) will allocate one billion euros to finance the construction of the Trans-Anatolian Pipeline (TANAP) project.

The EIB would finance Turkish Botas company’s share in TANAP, according to this information. 

The shareholders of TANAP are the State Oil Company of Azerbaijan (SOCAR) (58 %), Botas (30 %) and BP (12 %).

The World Bank (WB) would also allocate some funds to the project, according to Bloomberg.

The TANAP project involves transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey. The initial capacity of TANAP is expected to reach 16 billion cubic meters of gas per year. It is planned that around six billion cubic meters of this gas will be delivered to Turkey and the remaining volume will be supplied to Europe.

Turkey would get the first gas in 2018 and after the Trans-Adriatic Pipeline (TAP) is completed, it will be delivered to Europe in early 2020.