TIRANA (Albania), July 4 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said its board of directors approved on Wednesday an up to 500 million euro ($582 million) loan for the construction of the Trans Adriatic Pipeline (TAP).
“The total project cost is 4.5 billion euro. The European Investment Bank’s board earlier this year approved TAP’s eligibility for a 1.5 euro billion loan, and further contributions from the export credit agencies of France, Germany and Italy are currently under consideration,” the EBRD said in a press release, following a meeting of its board of directors.
The gas pipeline will stretch from Greece's border with Turkey, via Albania and across the Adriatic Sea, to Italy's coast. It is part of the Southern Gas Corridor which also comprises the South Caucasus Pipeline (SCP), which crosses Azerbaijan and Georgia, and the Trans-Anatolian Pipeline (TANAP).
“With an initial annual capacity of 10 billion cubic metres – equivalent to the energy consumption of approximately seven million households in Europe – the pipeline will make a significant contribution to the diversification of Europe’s energy supply,” the lender noted.
At the start point in Turkey, TAP will connect to the Trans Anatolian Pipeline (TANAP) for which the EBRD approved a 500 million euro loan last October.
The TAP consortium plans to start full-scale operation of the pipeline in 2020.
TAP shareholders are BP, Azerbaijan’s state company Socar and Italy’s Snam with 20% each, Belgium’s Fluxys with 19%, Spain’s Enagas with 16% and Swiss-based Axpo with 5%.
($ = 0.8583 euro)