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EIB eyes financing TANAP, TAP

24 February 2017 18:00 (UTC+04:00)
EIB eyes financing TANAP, TAP

By Nigar Abbasova

Reputed financial institutions of the world continue to demonstrate their interest in the Southern Gas Corridor, the mega project that will bring Caspian gas into the European Union by 2020.

The European Investment Bank may become the next organization to finance Trans Adriatic and Trans Anatolian natural gas pipelines. The issue was on agenda of the meeting dedicated to the financing of the SGC project.

The meeting gathered together Azerbaijan’s energy minister Natig Aliyev, head of department at EIB Flavia Palanza, chief executive director at the Southern Gas Corridor CJSC Afgan Isayev and others.

Aliyev appreciated the participation of international financial structures in the third ministerial meeting of the Southern Gas Corridor Advisory Council held in Baku on February 23.

“2017 is the decisive date for the implementation of the SGC project. Timely realization of the project depends on financial support,” he said.

Aliyev went on to add that regardless all economic difficulties in the world, the project have not faced any problems in financing.

He noted that within a year the project has managed to secure financing from the World Bank, Asian Development Bank, European Bank for Reconstruction and Development.

Palanza, in turn, said that to make a decision the bank should have a high level of awareness about the project.

She expressed her interest in such issues as gas reserves, export opportunities, domestic demand, mentioning that regular exchange of information is of upmost importance.

The Southern Gas Corridor envisages transportation of some 10 bcm of Azerbaijani gas from the Caspian region to Europe via Georgia and Turkey. The gas will be exported through expansion of the South Caucasus Pipeline and the construction of TANAP and TAP pipelines. Total cost of the SGC project is not expected to exceed $40 billion.

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

Follow us on Twitter @AzerNewsAz

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