World Bank to allocate $1 bln in support of TANAP

The newspaper also mentioned that the European Investment Bank will allocate €1 bln to TANAP. 

According to a source in the bank, the World Bank intends to be a part of TANAP. "We’ll provide financial assistance to BOTAS in amount of $1 bln. At the same time, we collaborate with the European Investment Bank."

 SOCAR has 58% equity in TANAP, BOTAS 30 and BP 12%. These shareholders fund the project in accordance with their equity. According to the source of newspaper EIB is going to invest in TANAP. Under the sharing, BOTAS is to invest $3 bln in TANAP. For this purpose, BOTAS will attract $1 bln from WB, €1 bln from EIB.

 

First gas transportation via TANAP is planned to be carried out in 2018. The 1,850 km 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.

 

The construction of the Trans Anadolu Gas Pipeline (TANAP) has been estimated to cost $10-$11 billion.