EBRD eyes financial support to TAP
The European Bank for Reconstruction and Development (EBRD) is
looking to support financially the development of the Trans
Adriatic Pipeline (TAP), which is to bring Azerbaijani gas across
the Balkans and on to Italy, said EBRD President Suma
Chakrabarti.
Chakrabarti made the remarks during a meeting with Albania’s Prime
Minister Edi Rama, Associated Press reported.
The EBRD president said that the TAP pipeline project is of great
interest as it will help the region’s energy security and is deemed
environmentally sustainable.
“In the energy sector, the EBRD is well aware of the need to secure
energy for Europe which is affordable and acceptable from the point
of view of climate change,” noted Chakrabarti. “In this context, we
are positive about the Trans Adriatic Pipeline, a project that
develops the three characteristics of energy security, energy
access and environmental sustainability.”
The EBRD also confirmed it has started negotiations for 500 million
euros in direct financing and plans to attract up to 1 billion
euros from a syndicate of commercial banks, said the report.
Riccardo Puliti, the EBRD’s energy and natural resources head, said
negotiations started in April and may take 12 to 15 months.
“The bank is analyzing the technical, economic, financial, social,
environmental terms and more to see if they are consistent with its
policies,” said Puliti. “We expect that process is over in April
next year.”
TAP project envisages transportation of gas from Azerbaijan's Shah
Deniz gas and condensate field to the EU countries.
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