By Nigar Abbasova
The European Bank for Reconstruction and Development, EBRD, considers the issue of providing financial support to the Trans Adriatic Pipeline (TAP) project, which will bring Azerbaijani gas via the Balkans to Italy.
Ksenia Manyushis, a principal banker at the EBRD, said the financial institution is still considering a loan for co-financing the TAP project, but the process has not yet been finalized.
She made remarks at the Central and Eastern European Gas Conference in Zagreb on February 16, Interfax Global Energy reported.
“The first negotiations kicked off five years ago when TAP representatives approached the Bank. It only proves both how long such talks can last and how early one must start thinking about financing such an ambitious project,” she said.
The Bank, which is well aware of the need to secure energy for Europe, assesses the project as the one being of great interest. The bank is currently analyzing the technical, economic, financial, social, environmental terms and more to see if they are consistent with its policies.
TAP is a part of the Southern Gas Corridor which is one of the priority energy projects for the European Union. The pipeline will be connected 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.
EBRD backed the Southern Gas Corridor from the start and provided loans to improve the Shah Deniz 2 field development project and the South Caucasus Pipeline.
The cost of the TAP project has earlier been finalized and calculated at €4.5 billion.
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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