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Trans Adriatic Pipeline (TAP) project partners have secured approval for a loan of up to €500m from The European Bank for Reconstruction and Development (EBRD) for the construction of the pipeline, which is part of the $40bn Southern Gas Corridor (SGC). Originating at the Greek/Turkish border, the 878km pipeline will run through Albania and end in southern Italy to transport gas from central Asia to western Europe. With an initial annual capacity of ten billion cubic metres, the pipeline will transport gas from the Caspian region to Europe. TAP is a significant project as it is expected to help in the diversification of Europe’s energy supply and achievement of significant carbon dioxide reductions by delivering a cleaner fuel. “With an estimated project cost of €4.5bn, the pipeline is anticipated to deliver its first gas by 2020.” With an estimated project cost of €4.5bn, the pipeline is anticipated to deliver its first gas by 2020. The latest loan approval comes after European Investment Bank board approved the project’s eligibility for a €1.5bn loan earlier this year. TAP developers are working on securing further contributions from the export credit agencies of France, Germany and Italy. In Turkey, the pipeline will connect to the Trans Anatolian Pipeline (TANAP), which is part of the SGC and began operations last month to carry supply natural gas to both Turkey and Europe. At the end point, TAP will be connected to the Italian natural gas network to enable access to wider European networks. The SGC value chain comprises a 3,500km network of pipelines crossing six countries. |
