EIB approves 932 mln euro loan for TANAP gas pipeline - REUTERS

MARCH 15, 2018 / 5:48 PM
Reporting by Alissa de Carbonnel; editing by Philip Blenkinsop

BRUSSELS, March 15 (Reuters) - The European Investment Bank approved 932 million euros ($1.15 billion) in financing on Thursday for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40 billion project to bring new gas supplies to Europe.

The so-called Southern Gas Corridor is expected to bring around 16 billion cubic metres per year to Europe by 2020 from the Shah Deniz 2 field in Azerbaijan via TANAP through Turkey, the South Caucasus pipeline extension through Georgia and the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy.

Shah Deniz 2 is one of the world’s largest gas fields and is developed by a BP-led consortium.

Financing for construction of the TANAP pipeline has already been approved by the European Bank for Reconstruction and Development (EBRD), the World Bank and Asian Infrastructure and Investment Bank (AIIB).

EBRD grants $500M in financing to TANAP - KALLANISH ENERGY

October 19, 2017

The European Bank for Reconstruction and Development (EBRD) approved Wednesday a $500 million loan to help finance construction of the $8.6 billion Trans-Anatolian Natural Gas Pipeline (TANAP), Kallanish Energy reports.

The project will deliver “crucial energy supplies from the Caspian Sea through to Europe along the Southern Gas Corridor (SGC), and make an important contribution to the energy security and diversification (in Europe),” the EBRD said.

The 1,850-kilometer (1,150-mile) line accounts for over half of the 3,500 km (2,174-mile) SGC pipeline system, and will transport 16 billion cubic meters per year (Bcm/y – 564.8 billion cubic feet, Bcf/y) by 2020.

Turkey will consume 6 Bcm/y (211.8 Bcf) and the remaining 10 Bcm/y (353 Bcf/y) have already been contracted by several European gas traders, mostly in the Italian market.

Some $1.4 billion of financing loans were granted last year for TANAP — $800 million from the World Bank and $600 million from the Asian Infrastructure Investment Bank (AIIB). The European Investment Bank (EIB) is considering to finance $2 billion of the project, but its final decision is due next month.

Watchdog suspends Azerbaijan, EU gas pipeline loans threatened - CLIMATE HOME

Parts of the Southern Gas Corridor are already under
construction in Turkey. (Photo: Tanap)

10/03/2017, 12:59pm
Karl Mathiesen

Billions in development loans at risk after international human rights watchdog strips Azeri membership for failure to increase transparency

A human rights watchdog suspended Azerbaijan’s membership on Thursday, casting doubt on billions of dollars worth of loans being considered for a pipeline linking the country’s gas fields to the EU.

The government of Ilham Aliyev has been repeatedly asked by the Extractive Industries Transparency Initiative (EITI) to lift restrictions on civil society organisations. On Thursday the EITI board, which meets in Oslo, decided that the regime had run out of time.

Southern Gas Corridor already raised over 50% of money needed until 2020 - ABC.AZ

23.12.2016 16:40
Baku, Fineko/abc.az.

CJSC Southern Gas Corridor (CQD/SGC) has already raised more than 50% of financing required until 2020.

SGC general director Afghan Isayev has stated that out of $11.9 bn on which the Southern Gas Corridor should be financed in 2014-19, it has been already raised $6 bn, including $2 bn in 2016.

He pointed out that the Asian Development Bank has given a loan for 15-year period under governmental guarantee for $500 million and $526 million under 15-year guarantee on syndicated lending. The International Bank for Reconstruction & Development (IBRD), part of the World Bank Group gave $400 million for 30-year term and the Multilateral Investment Guarantee Agency (MIGA), another member of the Group, provided $750 million of guarantees for syndicated lending for 15-year period. In turn, the Asian Infrastructure Investment Bank (AIIB) gave a loan in the amount of $600 million for 30 years.

AIIB Approves $600Mln Loan to Azerbaijan for TANAP Gas Pipeline Construction - SPUTNIK NEWS

21.12.2016,18:19

The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) approved Wednesday the allocation of $600 million to Azerbaijan for the construction of the Trans-Anatolian Natural Gas Pipeline (TANAP), the bank said in a press release.

The loan is the biggest ever approved by the AIIB, according to the press release, in which it was added that the investment in TANAP contributed to the integration of Azerbaijan into new markets and to the increase of Turkish energy security. It is also to be beneficial for Europe. 

Earlier in the day, the World Bank approved a $400-million loan to Azerbaijan and a $400-million loan to Turkey for the TANAP construction.