TANAP receives 5 million euros in support from European Commission
ANKARA – Anadolu Agency
The CEF is a key EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment at a European level.
In accordance with the program, European Union member countries agreed to provide a total of €48.4 million per year in support of energy infrastructure projects. A total budget of 5.35 billion euros was allocated for energy projects for the 2014-2020 period.
According to the European Commission, it supports the development of high performing, sustainable and efficiently interconnected trans-European networks in the fields of transport, energy and digital services. CEF investments fill the missing links in Europe’s energy, transport and digital backbone.
TANAP, with around $8 billion of investment, will deliver 6 billion cubic meters of Azeri gas to Turkey and 10 billion cubic meters to Europe per year. The European part of the project is expected to become operational in 2020.
The estimated investment cost was $11.7 billion at the start of the project, but this figure has been revised down to $8 billion based on updates from project managers.