TANAP:
World Bank, EIB financially supports new pipeline via Georgia
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The World Bank and the European Investment Bank (EIB) have pledged to provide significant amounts of financial aid to build the new Trans-Anatolian Natural Gas Pipeline (TANAP).
TANAP – a 1,850km pipeline – will travel through Georgia to better connect Europe with natural gas from the Caspian Sea as a way to reduce Europe’s dependence on Russian gas. The project is estimated to cost $10 billion USD.
Turkish newspaper Hurriyet reported World Bank planned to allocate $1 billion USD to TANAP, while the EIB offered €1 billion.
We will provide financial assistance to Turkish state pipeline company Botas to the amount of $1 billion. At the same time we are collaborating with the EIB,” a source from the World Bank told Hurriyet.
The source said Azerbaijan's national oil company SOCAR had 58 percent shares in TANAP, while Botas had 30 percent and British Petroleum (BP) had 12 percent.
These shareholders fund the project in accordance with their equity. EIB is going to invest in TANAP,” said the source.
According to the share, Botas will invest $3 billion in TANAP. For this purpose, Botoas will attract $1 billion from the World Bank and €1 billion from EIB,” the source added.
In December last year the European Bank for Reconstruction and Development (EBRD) discussed TANAP project funding with shareholders of the TANAP consortium.
Construction on the $10 billion TANAP project began in March 2015.
The first gas transportation via TANAP is planned for 2018. The 1,850km pipeline will deliver 10 bcm to Europe once it is connected to the Trans Adriatic Pipeline (TAP) by 2020. By 2023 TANAP's capacity will rise to 23 bcm per year and then to 31 bcm by 2026.
TANAP will bring natural gas from Azerbaijan through Georgia and Turkey to Europe, and from sources other than Russia. It is a central part of the Southern Gas Corridor, which will connect the Shah Deniz gas field in Azerbaijan to Europe through the South Caucasus Pipeline, TANAP and the TAP, which brings gas from western Turkey to Greece, Albania and across the Adriatic to Italy.
The European Union (EU) is extremely interested in expanding energy cooperation with Caspian Sea countries, said EU Ambassador to Azerbaijan Malena Mardi at the Caspian Oil and Gas forum held in Baku yesterday.
Work has begun today on a new gas pipeline that will travel through Georgia to better connect Europe with gas from the Caspian Sea, thus reducing dependence on Russian gas.
The rehabilitation process of East-West Gas Pipeline has finished. Rehabilitation work included expansion of the pipeline, which will increase the capacity and reliability of gas being transported to the country's west.
European Union (EU) states who were due to have hosted Russia’s South Stream gas pipeline have begun looking for alternative ways to improve their energy security after the Russian project was halted by President Vladimir Putin.
A member of the national Parliament of the Federal Republic of Germany believes Georgia could become the new place that ensures the stability of Germany’s energy security.
The Trans-Anatolian Natural Gas Pipeline (TANAP), a natural gas pipeline from Azerbaijan passing through Georgia and Turkey to Europe, will be opened on June 12 in the Turkish city of Eskisehir.
The Trans-Anatolian Natural Gas Pipeline (TANAP), a natural gas pipeline from Azerbaijan passing through Georgia and Turkey to Europe, has opened today in Turkish city of Eskisehir, reports Trend.az.
Georgian Prime Minister Giorgi Gakharia will take part in the inauguration of the Trans-Anatolian Natural Gas Pipeline (TANAP) in Turkey today. PM Gakharia will attend the inauguration together with the Presidents of Turkey and Azerbaijan Recep Tayyip Erdogan and Ilham Aliyev.
Georgian Prime Minister Giorgi Gakharia has joined the Presidents of Turkey and Azerbaijan, Recep Tayyip Erdogan and Ilham Aliyev, in the inauguration of the Trans-Anatolian Natural Gas Pipeline (TANAP) in Turkey.