TANAP to receive $500 million additional funding from Europe

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TANAP to receive $500 million additional funding from Europe

European Bank for Reconstruction and Development (EBRD) is planning to release a $500 million financing package for Azerbaijan’s Southern Gas Corridor Inc. in September to be used for the Trans-Anatolian Natural Gas Pipeline (TANAP) project.

An EBRD statement pointed out that the World Bank approved a total of $800 million in financing and the Asian Development Bank approved $600 million in financing for TANAP, which will cost $8.6 billion.

TANAP, a large part of the Southern Gas Corridor, will hire more than 9,000 casual employees during construction, and nearly 300 employees will be permanently hired.

The Azerbaijani government owns 51 percent of Southern Gas Corridor, while national oil company SOCAR TANAP, which owns 49 percent, would have 16 billion cubic meters of capacity in the first stage and carry 6 billion cubic meters of natural gas to Turkey and 10 billion cubic meters to Europe.

The plan is to start delivering natural gas to Turkey after the first half of 2018 and start delivery to Europe between 2019 and 2020, depending on availability of the Trans-Adriatic Pipeline (TAP) to which TANAP will be connected.

TANAP’s capacity can be increased to 31 billion cubic meters on demand.

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