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Friday 6 September 2019

TAPI: Turkmenistan and Pakistan Agree to End Financial Closure


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ISLAMABAD (Business Recorder) — Turkmenistan and Pakistan agreed to conclude the financial closure of the Turkmenistan-Afghanistan-Pakistan-Pakistan-India (TAPI) gas pipeline project in early 2020, a head of the Oil Division told Business Recorder.

He referred to a recent meeting between a high-level delegation from Turkmenistan and the Pakistan Federal Minister of Energy, Omar Ayub Khan, in Islamabad, to discuss the progress of the project.

The Turkmen delegation included Muhammetmyrat Amanov, Chairman of the Board of Directors of TAPI Pipeline Company, Ambassador Atadjan Movlamov of Turkmenistan and Batyr Berdiyev, Director of TPCL (subsidiary in Pakistan). The Turkmen delegation highlighted the significant progress made in financing and contracting the multi-billion dollar project and underlined its determination to conclude the financial closure of the project in early 2020.

Construction of the project in Pakistan is scheduled to begin next month. TAPI has pre-selected a number of companies, including major European companies, for the construction of the pipeline. The project’s first sod-turning took place in Turkmenistan and Afghanistan. The gas pipeline works are ongoing in Turkmenistan and civil engineering works on some points have also been launched in Afghanistan.

Turkmenistan has obtained funds from the Asian Development Bank (ADB) and the Islamic Development Bank (IDB). Part of the financing will be organised by foreign companies on the basis of supplier credit. “Pipelines are considered strategic projects in Pakistan for ensuring energy security”, noted an Inter State Gas Systems (ISGS) official responsible for implementing the project.

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