The Black Sea Trade and Development Bank (BSTDB) is considering providing support to SOCAR Turkey Enerji SA (STEAS) to acquire a 7% stake from the Azerbaijani State Oil Company (SOCAR) in the Trans-Anatolian Natural Gas Pipeline Project (TANAP), and for restructuring of existing debt.
TANAP is the strategic energy corridor that will transport natural gas from Shah Deniz II gas filed in the Caspian Sea to the Turkish and European markets. The Project is an underground pipeline of 1850 km in length that will connect to the South Caucasus Pipeline at the Turkish-Georgian border, and end at the Turkish-Greek border where it will feed into the Trans Adriatic Pipeline (TAP). The pipeline will include also a 18 km undersea crossing at Marmara Sea, and the associated above ground facilities, such as compression stations, pigging stations, block valve stations, distribution and custody transfer metering facilities.
TANAP is a greenfield Category A project that potentially can generate significant adverse E&S risks and impacts, which may be diverse, irreversible, or unprecedented. According to the Environmental Impact Assessment (EIA) Regulation in effect in Turkey and the BSTDB compliance requirements, a comprehensive ESIA study needs to be carried out before any construction can begin or financing decision taken. As a Category A development, the Project also requires meaningful consultations with the potentially affected stakeholders, which needs to include procedures for public notification, disclosure of related information and the potential E&S risks, public review and comment.
In line with BSTDB’s requirements for Category A operations the E&S information related to TANAP Project needs to be publicly disclosed on the Bank’s website 30 calendar days before its Board of Directors approval.
