The European Bank for Reconstruction and Development (EBRD) is close to deciding on financing the Trans Anatolian Natural Gas Pipeline (TANAP) project, Aida Sitdikova, the EBRD director for energy in Russia, Caucasus and Central Asia, told reporters in Baku April 12.
Speaking on the sidelines of the 4th Caspian Energy Forum, Sitdikova said EBRD hopes to make a decision on providing up to $500 million worth funding for TANAP this year, which is a part of the Southern Gas Corridor project.
"Currently, we are conducting due diligence process with the international financial institutions which haven't yet approved TANAP's financing. At the same time, we closely work with the Southern Gas Corridor CJSC on this issue," she added.
Regarding the possible impact of Azerbaijan's withdrawal from EITI on the process of financing the Southern Gas Corridor projects, Sitdikova noted that what is important for EBRD is the substance and essence of disclosure, transparency and revenue management.
The main thing is to ensure those requirements, not necessarily within the EITI, said Sitdikova.
"Azerbaijani government is currently reviewing very carefully the legislation on revenue management, disclosure and transparency. This is something that we obviously welcome," she added.
TANAP project envisages transportation of gas from Azerbaijan's Shah Deniz field to the western borders of Turkey. The gas will be delivered to Turkey in 2018 and after completion of the Trans Adriatic Pipeline's construction the gas will be delivered to Europe in early 2020.
The length of TANAP is 1,850 kilometers with an initial capacity of 16 billion cubic meters of gas. Around six billion cubic meters of this gas is meant to be delivered to Turkey, with the remaining volume to be supplied to Europe.
TANAP shareholders are Azerbaijan's state oil company SOCAR (58 percent), BOTAS (30 percent) and BP (12 percent).