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EBRD, TANAP discuss project funding

EBRD, TANAP discuss project funding

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Date: 3 December 2015 08:17

Baku, Azerbaijan, Dec. 3

By Aygun Badalova, Maksim Tsurkov – Trend:

The European Bank for Reconstruction and Development (EBRD) is discussing the project funding with the shareholders of the TANAP consortium (Trans-Anatolian Pipeline), Tolga Erguven, the EBRD chief banker for energy in Russia, the Caucasus and Central Asia, told Trend in Baku Dec. 2.

“There are different approaches of the TANAP sponsor financing,” he said. “So we are discussing each individual sponsor to see the interest in financing.”

As for the financing of the Trans Adriatic Pipeline (TAP), Erguven said that the EBRD is actively involved in this project. However, no details were mentioned.

The consortium expects funding from a number of organizations, including the EBRD, the European Investment Bank and the export credit agencies of the OECD countries (Organization for Economic Cooperation and Development), Lisa Givert, TAP Head of Communications told Trend earlier.

Moreover, commercial creditors are planned to be involved in TAP funding.

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe.

The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

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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