EBRD likely to approve direct loan for TAP, say sources
By Trend
The European Bank for Reconstruction and Development (EBRD) is likely to approve a direct loan for the Trans Adriatic Pipeline (TAP) on July 4, Reuters reported citing sources.
EBRD’s board of directors is holding a meeting in Ukraine to approve a direct loan of up to 500 million euros for TAP.
EBRD plans to allocate loans worth up to 1.2 billion euros for TAP in 2018.
The amount expected will be in the range of up to 500 million euros in a direct loan and up to 700 million euros in a syndicated loan, subject to final internal approvals.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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