The European Investment Bank (EIB) said it approved 932 million euros (US $1.15 billion) in financing for the Trans-Anatolian Natural Gas Pipeline (TANAP), part of a mega project to secure new gas supplies to Europe.
The European Investment Bank (EIB) said it approved 932 million euros (US $1.15 billion) in financing for the Trans-Anatolian Natural Gas Pipeline (TANAP), part of a mega project to secure new gas supplies to Europe.
The 1850km pipeline is part of the Southern Gas Corridor, which is expected to bring around 16 billion cubic metres per year to Europe by 2020 from Azerbaijan’s Shah Deniz 2 field in Azerbaijan.
The SGC is designed to carry gas from the Caspian basin via TANAP through Turkey, the South Caucasus pipeline extension through Georgia and the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy.
It will compete with gas from Russia, which currently enjoys a near monopoly in supply to the region.
Shah Deniz 2 is one of the world’s largest gas fields and is developed by a BP-led consortium.
Financing for construction of the TANAP pipeline has already been approved by the European Bank for Reconstruction and Development (EBRD), the World Bank and Asian Infrastructure and Investment Bank (AIIB), EIB said.
Source: Pipeline ME
