World Bank allocates 800 mln USD for TANAP - UPDATED

Baku. 21 December. REPORT.AZ/ The World Bank (WB) Board of Directors has adopted a decision to allocate 800 mln USD loan for the Trans-Anatolian Pipeline (TANAP) project.

Report informs, 400 mln USD of the loan was got by the "Southern Gas Corridor" CJSC (SGC) with a guarantee of the Azerbaijani Government, 400 mln USD by Turkish BOTAŞ with a guarantee of the country's government.

WB Vice President Cyril Muller said that the bank is pleased to allocate loan for the SGC. 

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WB Vice President Cyril Muller said that the bank is pleased to allocate loan for the SGC.

"TANAP will create conditions for competition, as well as new economic opportunities for population of Azerbaijan and Turkey. It will also provide support to ensure regional trade, development of relations and EU and Turkey's energy security", Bank official stressed.

Notably, TANAP covers 1 850 km part of the SGC project, with total length of 3 500 km. In the first stage, annual 16 bln cubic meter gas of "Shah Deniz 2" field will be delivered to Europe via the SGC, which 6 bln m3 will be sold to Turkey, 10 to the European countries.

The State Oil Company of Azerbaijan Republic (SOCAR) 58%, BOTAŞ 30% and BP 12% are acting as TANAP shareholders.