Islamic Development Bank Keen to Participate in TAPI Project
Islamic Development Bank (IDB) has shown interest in participating in the TAPI gas pipeline project, Turkmen government said Friday.
The issue came up during the cabinet meeting of the government. During the meeting it was emphasised that the Organization of Islamic Cooperation (OIC) fully supports the TAPI project.
“Partners in the OIC, including such reputable financial institution, as the Islamic Development Bank, are showing great interest in this large-scale project that aims to become a true 'bridge' of friendship and fruitful partnership between equal nations and peoples,” the government said in a statement.
No further detail was provided in the announcement.
The multi-billion dollar project has recently seen some progress after years of delay. Earlier this month, Turkmenistan, Afghanistan, Pakistan and India, the four TAPI countries, agreed to invest $200 million in the next stage of the project. The agreement was signed during 24th meeting of the steering committee of the TAPI pipeline project which was held in Ashgabat.
The much delayed transnational pipeline was formally inaugurated on December 13. TurkmenGaz is the leader of the consortium and has 85 percent equity. Along with GAIL India, ISGS of Pakistan and Afghan Gas Enterprise (AGE) have 5 percent stake each. The TAPI pipeline will have a capacity to carry 90 million standard cubic metres a day (mmscmd) gas for 30 years and is planned to become operational in 2018.
The project is being implemented on the basis of intergovernmental agreements between the four states. The length of the TAPI will be approximately 1,814 kilometers. About 214 kilometers of the pipeline will traverse through Turkmenistan before entering Afghanistan. It will pass through Herat and Kandahar in Afghanistan before entering Pakistan. The pipeline will terminate at Fazilka in India.