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Botas to draw large loans for TANAP

Botas to draw large loans for TANAP

Berat Albayrak: TANAP to be completed by 55 percent until year-end (09 November 2016 12:46)

Date: 12 November 2015 20:17

Baku, Azerbaijan, Nov. 12

By Maksim Tsurkov – Trend:

Turkish Botas state pipeline company is negotiating with the European Investment Bank (EIB) and the World Bank (WB) to draw the loans worth $2 billion to finance its stake in the Trans-Anatolian pipeline (TANAP), Bloomberg agency reported Nov. 12 citing the sources dealing with the situation.

The negotiations are underway with the Turkish Energy Ministry.

"Some $1.07 billion is expected to be allocated by EIB, while $1 billion – by WB,” the statement said. “The funds will be used to finance the share of the Turkish company in TANAP. Both loans will be long-term, but the conditions of their drawing are under discussion. Perhaps, the loans will be delivered under the state guarantees."

TANAP project envisages transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey.

The initial capacity of TANAP pipeline is expected to reach 16 billion cubic meters of gas per year. Around six billion cubic meters of this gas will be delivered to Turkey and the remaining volume will be supplied to Europe.

Turkey will get gas in 2018 and after completing the construction of Trans-Adriatic Pipeline (TAP), it will be delivered to Europe in early 2020.

BP and TANAP consortium signed the shareholders' agreement in Turkey March 13, 2015. According to it, BP will be among TANAP shareholders. This agreement is one of the basic documents on BP share in TANAP project.

Currently, the shareholders of TANAP are: the State Oil Company of Azerbaijan (SOCAR) – 58 percent, Botas – 30 percent and BP – 12 percent.

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