EIB decides to grant a loan for the TAP pipeline

  • Michaela Ceklová
  • 9.2.2018 20:06

On 6 February, the European Investment Bank (EIB) approved a loan of €1.5 billion for a Trans-Adriatic Pipeline (TAP). This is the highest ever single loan provided by the EIB for an energy project.

Although EIB has previously agreed to provide € 6.5 bn for energy and transport projects, the €1.5 billion was approved only now, despite the fact that the initial deadline for this was set for December TAP is part of the so-called "Southern Gas Corridor" and should bring about 10bcm from the Azeri Shah Deniz 2 gas field. The Southern Gas Corridor is a project supported by the European Commission, which believes diversification of gas supplies would help help reduce dependence on Russian gas and further contribute to the expanding the insufficient energy infrastructure in the and Southern, and Southeastern Europe. In addition to contributing to EU's energy source diversification, the project should also help reduce the use of coal to generate electricity, thus bringing the EU closer to its emissions reduction targets. On the contrary, the opponents argue that the construction of the TAP gas pipeline itself is in contradiction with the Paris Climate Agreement and would have a major impact on the environment.

About author: Michaela Ceklová

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