"As for all the projects that it finances, the EIB will apply the highest standards in its technical, economic, financial, and environmental and social assessment of these projects, compliance with EU and national laws, and EIB Environmental and Social Standards," the source added.
Earlier, it was reported that EIB will allocate one billion euros to finance the construction of the TANAP.
The funds will be used to finance Turkish BOTAS company's share in TANAP.
Moreover, in February, Director of Central and South Eastern Europe Department at EIB Flavia Palanza said that EIB plans to finance TANAP and TAP projects.
TAP project, worth 4.5 billion euros, is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
TANAP project envisages transportation of gas from Azerbaijan's Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction the gas will be delivered to Europe in early 2020.
The length of TANAP is 1,850 kilometers with an initial capacity of 16 billion cubic meters of gas. Around six billion cubic meters of this gas is meant to be delivered to Turkey, with the remaining volume to be supplied to Europe.
TANAP shareholders are Azerbaijan's state oil company SOCAR (58 percent), BOTAS (30 percent) and BP (12 percent).
The total cost of the project is $8.5 billion.
EIB appraising TAP, TANAP projects for financing
26 June 2017
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The European Investment Bank (EIB) is currently appraising the Trans Adriatic Pipeline (TAP) and Trans Anatolian Natural Gas Pipeline (TANAP) projects and will carefully review all the relevant issues as part of its usual due diligence procedures, a source in EIB told Trend.
