11:59 - 7.02.2018

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February 7, Fineko / abc.az. The European Investment Bank (EIB) has endorsed a €1.5 bn loan for construction of Trans-Adriatic Pipeline (TAP).

The Bank reports that the EIB Board of Directors approved the gas pipe project loan at this year’s first meeting on 6 February.

The total length of TAP will be 878 km, and 550 km of them will run through the northern part of Greece, 215 km through Albania, 105 km across the Adriatic Sea and 8 km on the territory of Italy.

The TAP project is designed to carry natural gas extracted within the Shah Deniz Project 2 through Greece and Albania to Western Europe.

The equity share distribution among the TAP Project shareholders is as follows: State Oil Company of Azerbaijan (20%), BP (20%), Snam (20%), Fluxys (19%), Enagas (16%) and Axpo (5%).

The TAP Project is estimated at €4.5 bn.