ANNOUNCEMENT 30 Nov 2018

In November 2018, the European Investment Bank (EIB) signed a loan agreement with Trans Adriatic Pipeline (TAP) AG to support the construction and general financing of the Trans Adriatic Pipeline (TAP).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The European Investment Bank, Financed Projects, TRANS ADRIATIC PIPELINE: http://www.eib.org/en/projects/loan/loan/20140596
The European Investment Bank, Project summary, TRANS ADRIATIC PIPELINE: http://www.eib.org/en/projects/pipelines/pipeline/20140596
Trans Adriatic Pipeline (TAP) AG, About us: https://www.tap-ag.com/about-us

Inception date: 30 Nov 2018 | Removal date: open ended

State loan

The loan agreement between the European Investment Bank (EIB) and Trans Adriatic Pipeline (TAP) AG was signed on 30 November 2018. The loan has a total value of approximately EUR 700 million (approx. USD 792.5 million). The loan will support the company's construction and general financing of the Trans Adriatic Pipeline (TAP). The pipeline goes from the Greek/Turkish border through Albania to Italy. The company has its headquarters in Switzerland and comprises of the following shareholders: BP (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%). Some shareholders are state-owned enterprises. 

According to the company: "The Trans Adriatic Pipeline (TAP) AG is a company established to plan, develop and build the TAP natural gas pipeline. TAP is responsible for the development and operation of the gas transportation infrastructure from the Greece/Turkey border to Southern Italy. Once operational, TAP will provide transportation capacity that enables interested parties to market their gas on the European markets."

According to the EIB: "The project has been included to the European Commission's list of 33 priority energy security projects of common interest. The European Commission in its positive decision to grant exemption to the pipeline from third-party access highlighted the "overall positive impact for the EU of this investment as it is responding directly to the Security of Supply objective of diversification of gas sources, routes and counterparties"."

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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