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News // Oil and gas worldwide

Trans Adriatic Pipeline secured $4.5 billion financing deal

15 January 2019 , 10:10Neftegaz.RU367

Baar (Switzerland), January 15 - Neftegaz.RU. The Trans Adriatic Pipeline (TAP) is announcing financial close, with $4.5 billion secured from public and private lenders.

 

TAP, an 878 km long pipeline, will carry natural gas from the giant Shah Deniz II offshore field in Azerbaijan to Europe. It was connected with TANAP pipeline at the Turkish-Greek border at Kipoi in November 2018. It then crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

 

Once operational, the Southern Gas Corridor will offer a new source of competitively priced gas for the EU energy market. The new energy link will increase diversity and security of supply especially in Southern Europe, currently reliant on a single supplier. TAP is recognized as a European Union Project of Common Interest.

 

1st gas to Georgia and Turkey is now being delivered, 1st deliveries to Europe will follow in 2020. The financing is provided by a group of 17 commercial banks, alongside the EBRD and the European Investment Bank (EIB). Part of the financing is covered by the export credit agencies – BPIFrance, Euler Hermes and Sace.

 

Costs have previously been funded in full by TAP’s shareholders: BP (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%), and Axpo (5%).

 

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