Development banks use Turkey’s BOTAS to pump $2bn into TANAP

BOTAS 2BOTAS: The World Bank and the European Investment Bank (EIB) are planning to put $1bn apiece into the Trans-Anatolian Natural Gas Pipeline TANAP pipeline, according to Turkey’s Hurriyet newspaper in a move that underlines the importance of the project to plans to reduce Europe’s dependence on Russia for its energy supplies. The money is to be funnelled through Turkey’s state-run BOTAS Petroleum Pipeline Corporation, a World Bank source is quoted as saying. 
Once it is connected to the Trans Adriatic Pipeline (TAP) in 2018, the 1,850 km pipeline will deliver 10 bcm each year with its capacity rising to 23 bcm by 2023. The Azeri government owns 58% of the project through the State Oil Company of Azerbaijan Republic (SOCAR) with BOTAS and BP owning 30% and 12% respectively.
Source: News.AZ