The European Bank for Reconstruction and Development has approved a US$ 500 million regional project today that will help finance the delivery of crucial energy supplies from the Caspian Sea through to Europe along the Southern Gas Corridor (SGC), EBRD said in a statement.
The EBRD financing will fund the completion of the Trans-Anatolian Natural Gas Pipeline (TANAP) that passes through Turkey.
The Southern Gas Corridor includes gas infrastructure investments into a 3,500-kilometre 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 metres, which is equivalent to the annual energy consumption of more than 10 million households in the region.