Azernews.Az

By Trend

The European Bank for Reconstruction and Development (EBRD) is considering allocation of 500 million euros loan for the Trans Adriatic Pipeline (TAP) project, said a message from the Bank.

The project has passed concept review and is now pending structure review.

The beneficiary of the loan is TAP AG consortium.

Aside from EBRD, the European Investment Bank (EIB) will also discuss the allocation of 1.5 billion euros loan for TAP in February 2018.

TAP worth 4.5 billion euros is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.

The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.

TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).

TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

---

Follow us on Twitter @AzerNewsAz