WB to allocate $1B for TANAP construction

The World Bank (WB) will provide $1 billion for funding of the construction project of the Trans-Anatolian Natural Gas Pipeline (TANAP), the Turkish newspaper Hurriyet reported Apr. 25.

Besides the WB's loan, it is expected that $1.07 billion will be allocated by the European Investment Bank (EIB), according to the newspaper. The long-term loans will be possibly provided under the state guarantee, the newspaper said.

In December 2015, Tolga Erguven, the EBRD chief banker for energy in Russia, the Caucasus and Central Asia, told Trend that the European Bank for Reconstruction and Development (EBRD) was discussing the project funding with the shareholders of the TANAP consortium (Trans-Anatolian Pipeline).

TANAP project envisages transportation of gas of Azerbaijan's Shah Deniz field from Georgian-Turkish border to the western borders of Turkey.

Turkey will get gas in 2018 and after completing the construction of Trans-Adriatic Pipeline (TAP), it will be delivered to Europe in early 2020.

Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) - 58 percent, Botas - 30 percent and BP - 12 percent.

Source: Trend