Azernews.Az

By Nigar Abbasova

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) will consider in March 2017 the allocation of some $600 million for the implementation of the Trans-Anatolian Gas Pipeline project.

The financial means will be presented to the Southern Gas Corridor Company. The total cost of the TANAP project is currently estimated at $8.6 billion.

The project is expected get financing also from the World Bank (WB), European Investment Bank (EIB), and European Bank for Reconstruction and Development (EBRD).

WB is expected to allocate nearly $800 million, while EBRD and EIB will allocate $2.1 billion. Nearly $3 billion is expected to be received from other financial institutions. Moreover, some $2.1 billion will be allocated by the government of Azerbaijan.

Turkey’s Minister of Energy and Natural Resources Berat Albayrak earlier said that the project is planned to accomplish by almost 55 percent until late 2016.

TANAP, which is an element of the Southern Gas Corridor, will bring natural gas produced from Azerbaijan's Shah Deniz-2 gas field, and other areas of the Caspian Sea, primarily to Turkey and further to Europe. Shareholders of TANAP are SOCAR, which holds 58 percent, Turkish BOTAS – 30 percent, and BP – 12 percent.

Being among the founders of AIIB, Azerbaijan holds 0.2851 percent share ($ 254.1 million) in the capital stock of the financial institution.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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