Asian Infrastructure Investment Bank approves loan allocated to TANAP

Baku. 11 January. REPORT.AZ/ Asian Infrastructure Investment Bank (AIIB) approved credit allocated for Trans Anatolian Pipeline (TANAP). Report informs, the amount of the credit is 600 mln USD.

Let’s remind that this is the part of multi-funding provided by AIIB jointly with World Bank Group.

Notably, in December 20, 2016, the World Bank Board of Directors decided to allocate 800 mln USD credit to TANAP. According to decision, 400 mln USD part of the credit is provided to Southern Gas Corridor (SGC) CJSC under guaranty of Azerbaijani government, another part to BOTAŞ under guaranty of Turkish government.

Notably, TANAP represent 1850 km phase (53 %) of Southern Gas Corridor project with overall length of 3500 km. According to plan, natural gas from Shahdeniz field will be delivered to Turkey through TANAP in 2019 and to Europe through Trans Adriatic Pipeline (TAP) in 2020. SGC will supply 16 bln CBM of gas in initial stage, including 10 bln CBM to Turkey and 6 bln CBM to European countries.

State Oil Company of the Azerbaijan Republic (SOCAR) holds 58%, BOTAŞ - 30%, BP – 12% of TANAP with total value 9 bln USD.