25th Anniversary Caspian International Oil & Gas Exhibition

29 May - 1 June 2018 • Baku Expo Center

Media Centre » News

Caspian Oil & Gas Azerbaijan - European Commission to financially back TANAP

European Commission to financially back TANAP
29.07.2016

The European Commission will allocate 3.5 million euros worth financial aid for the project for construction of TANAP via which Azerbaijani gas will be delivered to Turkey and then to Europe.

The funds will be used for supporting the commercial activities and the integrated facility management system.

“The European Commission considered TANAP’s request for allocating financial aid expedient, since it is included in the European Union's List of Projects of Common Interest (PCI) and will allocate 3.5 million euros as part of the aid,” TANAP reported on July 28.

It is the fourth grant allocated by the European Commission for TANAP.

“Taking into account the latest amount, the total volume of funds allocated by the European Commission for the project’s implementation will be 10.3 million euros,” said the message. “To date, 2.5 million euros have already been spent for TANAP.”

TANAP project, worth $9.2 billion, envisages transportation of gas of Azerbaijan’s Shah Deniz field from Georgian-Turkish border to the western borders of Turkey. The gas will be delivered to Turkey in 2018, and after completion of the Trans Adriatic Pipeline’s (TAP) construction, the gas will be delivered to Europe in early 2020.

TANAP shareholders are Azerbaijan’s state oil company SOCAR (58 percent), BOTAS (30 percent), and BP (12 percent).


News

All news