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The European Investment Bank agrees $1.15 billion investment for TANAP gas pipeline

EIB confirmed its board's approval of a major loan for the Tanap gas pipeline.

The European Investment Bank agrees $1.15 billion investment for TANAP gas pipeline


Luxembourg, 16 March - Neftegaz.RU. The European Investment Bank has confirmed its board's approval of a major loan for the Trans-Anatolian Pipeline project across Turkey.

Following detailed assessment the EIB Board approved €932 million ($1.15 billion) of financing for the 1850 km Trans-Anatolian Pipeline (TANAP) to bring natural gas from Azerbaijan’s Shah Deniz-2 gas field to Europe.

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

The project is key component of the Southern Gas Corridor, an initiative identified by the Council of Ministers, the European Commission, and the European Parliament as strategically important for the EU’s energy policy.

The EIB Board also approved support for investment in 2 new wind farms in northern Greece and Austria that will generate more than 74 MW of clean energy once operational. Repowering of the project will increase generation capacity by more than 50%.


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