EIB approves 1.5 billion euro loan for TAP gas pipeline

Baku, February 7, AZERTAC The European Investment Bank on Tuesday approved a 1.5 billion euro (1.33 billion pounds) loan for the Trans-Adriatic Pipeline (TAP), part of a $40 billion project to bring new gas supplies to Europe. The gas would come from the Shah Deniz 2 field in Azerbaijan via several routes, including the Trans-Adriatic Pipeline (TAP) to Greece, Albania and Italy. The 870-km pipeline will join up with the Trans Anatolian Pipeline (TANAP) at the Turkish border, crossing Greece, Albania and the Adriatic Sea. Its shareholders include Azerbaijan energy group SOCAR, oil major BP and Italian gas group Snam. Shah Deniz 2 is one of the world's largest gas fields and is developed by a BP-led consortium. TAP shareholders include Azerbaijan energy group Socar, BP and Italian gas group Snam.