(MENAFN - AzerNews) By
Azerbaijan welcomes the decision of the European Investment Bank (EIB) to allocate a loan worth 1.5 billion euros for the Trans Adriatic Pipeline (TAP), said Azerbaijan's Foreign Minister Elmar Mammadyarov.
He made the remarks at a joint news conference with EU High Representative Federica Mogherini, following the meeting of the EU-Azerbaijan Cooperation Council in Brussels on Feb. 9.
'On Feb. 15 we are going to have the Southern Gas Corridor Advisory Council meeting [in Baku], he said.
It is expected that the inauguration of the Trans-Anatolian Natural Gas Pipeline (TANAP) will take place this year, he added.
On Feb. 6, the EIB approved a 1.5 billion euro loan for the TAP.
TAP, worth 4.5 billion euros, is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
The pipeline will connect to the TANAP on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy's south.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP's shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).