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02.08.2016 12:19

European Commission to financially back TANAP

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.

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

The European Commission considered TANAPs 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 projects 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 Azerbaijans 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 Pipelines (TAP) construction, the gas will be delivered to Europe in early 2020.

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

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