EIB approves 1.5 bln EUR loan for TAP gas pipeline

Baku. 7 February. REPORT.AZ/ The European Investment Bank (EIB) approved a 1.5 billion EUR (1.33 bln pounds) loan for the Trans-Adriatic Pipeline (TAP), a part of a project to bring Azerbaijani gas supply to Europe.

Report informs referring to the Reuters. 

Notably, total cost of the project is 4,5 bln EUR. 

TAP, which is a part of Southern Gas Corridor (SGC) project, will initially transport annual 10 bln cubic meters of the gas produced within 'Shah Deniz 2' project, to Europe. This pipeline will join TANAP (Trans Anatolian) pipeline in Kipoi territory on Turkey-Greece border and cross Greece, Albania and the Adriatic Sea before going onshore in southern Italy.

After reviewing various selection options during two years, on June 28, 2013, 'Shah Deniz' Consortium has officially declared selection of the TAP project. The pipeline is 878 kilometers long, 550 km of which will cover Greece, 215 Albania, 105 Adriatic Sea and 8 km Southern Italy. Highest point of the pipeline will be in the mountains of Albania (1 800 meters), the lower part (-820 meters) beneath the sea.

TAP's groundbreaking ceremony was held in Thessaloniki, Greece on May 17, 2016. Azerbaijani gas will be delivered to Europe in 2020.

BP (20%), SOCAR (20%), 'Snam S.p.A.' (20%), 'Fluxys' (19%), 'Enagas' (16%) and 'Axpo' (5%) companies acting as TAP shareholders.