New pipeline bringing gas to Europe lent $500m

A loan totalling $500 million (£379m) has been granted for a project to bring new gas supplies to Europe. The European Bank for Reconstruction and Development (EBRD) is funding the […]

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By Priyanka Shrestha

A loan totalling $500 million (£379m) has been granted for a project to bring new gas supplies to Europe.

The European Bank for Reconstruction and Development (EBRD) is funding the completion of the Trans-Anatolian Natural Gas Pipeline (TANAP), which will deliver gas from the Caspian Sea to Europe along the Southern Gas Corridor (SGC).

The SGC is expected to bring around 16 billion cubic metres of gas from the Shah Deniz 2 field in Azerbaijan by 2020.

That’s equivalent to the annual energy use of more than 10 million households in the region.

TANAP is a key part of the SGC and is expected to strengthen Europe’s energy security, promote interconnectivity and open gas markets.