European development bank considers funding gas pipeline

The European Bank for Reconstruction and Development is looking to support financially the development of the Trans Adriatic Pipeline, which plans to bring oil across the Balkans and on to Italy, according to The Associated Press.

President Suma Chakrabarti told Albanian Prime Minister Edi Rama during a visit Tuesday that the pipeline project was of great interest as it would help the region’s energy security and was deemed environmentally sustainable.

The so-called TAP will run for 878 kilometers (550 miles) from Greece’s border with Turkey to southern Italy, including a 105-kilometer (65-mile) stretch under the Adriatic Sea. First deliveries to Europe are expected in 2020.

The EBRD confirmed it has started negotiations for 500 million euros in direct financing and plans to attract up to 1 billion euros from a syndicate of commercial banks.