European Investment Bank plans to allocate 2 billion to Southern Gas Corridor

Baku. 2 December. REPORT.AZ/ European Investment Bank is going to allocate €2 billion to Southern Gas Corridor. Report informs, currently the Bank reviews the decision.

Notably, Commissioners Maroš Šefčovič and Miguel Arias Cañete lobbied the European Investment Bank to provide publicly backed loans to the controversial Southern Gas Corridor. Thus, they have sent a letter to EIB president Werner Hoyer on financing the above mentioned project.

Notably, TAP, which is a part of Southern Gas Corridor 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 project on TAP project. The pipeline is 878 kilometers long, which 550 km will cover Greece, 215 Albania, 105 km - 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 on 2020.

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