SOCAR: No financial obstacle for TANAP development

SOCAR: No financial obstacle for TANAP development
# 02 May 2016 08:40 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. Despite the low oil price and the need for foreign loans, the development of Trans Anatolian pipeline (TANAP) continues to follow the projected schedule, Vagif Aliev, head of SOCAR'S Investments Department, told Natural Gas Europe.

“Some $2.13bn of credit is expected to be allocated by the World Bank as well as the European Investment Bank to the project in coming months. The funding will be used by Turkey’s pipeline monopoly BOTAS, which holds 30% interest in TANAP and will itself invest $780mn in the project”, Aliyev said.

He added that there is no financial obstacle to developing the project.

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