Trans-Caspian Pipeline Is Expecting EU Funding
The Trans-Caspian Pipeline Project promoting company W-Stream Caspian Pipeline Company Limited is planning to apply for a grant to receive EU allocated CEF co-financing within 2017-2020 package. Besides, by now, in the EU INEA electronic application system, two applications related to the Trans-Caspian Pipeline studies have already been submitted on behalf of the company.
In compliance with the EU effective rules and regulations, it is necessary to submit financial support of a project sponsor legal entity. Issuance of final guarantee will depend on grant approval by EU.
To receive the grant from EU, W-Stream Caspian Pipeline Company Limited should submit financial support from JSC Georgian Oil and Gas Corporation. The above amount – grant application for one project and two applications – makes 10 000 000 USD, which means that the Georgian Oil and Gas Corporation should contribute 5 000 000 USD as financial support.
Georgia owns 10% of White Stream and W-Stream Caspian Pipeline Company.
The project envisages transportation of Turkmen gas to Europe. Completion of the project is planned for 2020-2022. It is possible that the Trans-Caspian Project becomes part of TANAP.
Trans-Caspian Pipeline Project has a chance to get into PCI (Project of Common Interest).