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EBRD ready to boost TAP financing

February 20/ 15:03

Baku. The European Bank for Reconstruction and Development (EBRD) plans to allocate loans worth up to 1.2 billion euros for the Trans-Adriatic Pipeline (TAP) in 2018, Bruno Balvanera, EBRD Director for the Caucasus, Moldova and Belarus, told Reuters.

“The amount expected will be in the range of up to 500 million euros in a direct loan and up to 700 million euros in a syndicated loan, subject to final internal approvals. It’s expected to be approved towards the middle of the year,” he said.

TAP, worth 4.5 billion euros, is a part of the Southern Gas Corridor which is one of the priority energy projects for the EU, Trend reports.

TAP project envisages transportation of gas from the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field to the EU countries.

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

TAP’s shareholders are: BP (20 percent), State Oil Company of Azerbaijan (20 percent), Snam (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).

TAP will be 878 kilometers in length (Greece 550 km, Albania 215 km, Adriatic Sea 105 km, and Italy 8 km). Its highest point will be 1,800 meters in Albania’s mountains, while its lowest point will be 820 meters beneath the sea.

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