International banks to lend Turkey-based Nabucco project

Three leading international finance institutions are getting prepared to grant loan for construction of Nabucco natural gas pipeline project.

International banks to lend Turkey-based Nabucco project

 

Three leading international finance institutions are getting prepared to grant loan for construction of Nabucco natural gas pipeline project.

Turkey's Petroleum Pipeline Corp. (BOTAS) is a shareholder of Nabucco project which will transfer natural gas of Central Asia and Middle East to Europe. The worth of the project is 7.9 billion euro.

European Investment Bank (EIB), European Bank for Reconstruction & Development (EBRD) and World Bank's International Finance Corporation (IFC) will grant a total of 4 billion euro of loan for the project.

EIB will grant maximum 2 billion euro, EBRD will grant 1.2 billion euro, and IFC will grant 800 million euro to Nabucco.

Speaking to the press following the signature ceremony in Brussels, Chairman of the Executive Board and Director General of BOTAS, Fazil Senel said that "Turkey was one of the founding fathers of the Nabucco project. We are ready to take any necessary step to realize the Nabucco project. With today's signature ceremony, three important financial institutions expressed their desire to contribute to the Nabucco project. We have taken a crucial step towards completing the Nabucco project.

Hopefully, we will begin constructing the Nabucco natural gas pipeline soon".

Nabucco will be one of the projects bringing most profits and advantages to Turkey, Senel stressed.

Most part of the Nabucco pipeline is on Turkish soil. The pipeline's total length is 4,000 kilometers and it has 31 billion cubic meters of capacity.

Following the assessments, the loan is expected to be approved next year. 
 

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Last Mod: 06 Eylül 2010, 16:17
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