TANAP Awarded $500 Million in Financing

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The European Bank for Reconstruction and Development’s Board of Directors has approved US$500 million in financing for the completion of the Trans-Anatolian Natural Gas Pipeline (TANAP).

TANAP, which will pass through Turkey once completed, is part of the Southern Gas Corridor, a project designed to enhance Europe’s energy security, promote interconnectivity and open gas markets. It will also help provide a better energy supply mix for consumers in the Balkans and southeastern Europe as well as achieve significant CO2 reductions through the substitution of obsolete coal-fired power plants.

The Southern Gas Corridor includes gas infrastructure investments into a 3,500-kilometer pipeline running through six countries with a total cost of US$40 billion. The key components are the Shah Deniz offshore gas field in Azerbaijan, the Southern Caucasus Pipeline in Azerbaijan and Georgia, TANAP in Turkey and the Trans Adriatic Pipeline (TAP) through Greece, Albania and Italy. The initial annual throughput capacity will be up to 16 billion cubic meters, which is equivalent to the annual energy consumption of more than 10 million households in the region.

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