The Saudi development fund will provide a loan to finance the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project.
As the press service of the head of state reported, today President Gurbanguly Berdimuhamedov signed a Decree according to which the State Bank for foreign economic activities on behalf of the government of Turkmenistan – the recipient of the loan – is allowed to conclude a Financial agreement with the Saudi Development Fund to Finance the TAPI gas pipeline project, as well as to carry out operations related to its entry into force.
The amount of the loan is not reported.
In November 2017, “State Bank for foreign economic activity of Turkmenistan” already signed a financial agreement with the Saudi Development Fund for the purchase of gas pipes intended for the construction of the Turkmen section of the TAPI gas pipeline. And in November 2017, “Turkmengaz” signed a contract with Global Pipe Company for the supply of pipe products in 2018 in the amount of $40 million. at The same time, the Saudi Development Fund expressed support for the project initiated by Turkmenistan to build the TAPI gas pipeline.
The TAPI main gas pipeline project with a length of more than 1.8 thousand kilometers will run from the “Galkynysh” gas field in southern Turkmenistan through the Afghan cities of Herat and Kandahar, Pakistan's Quetta and Multan to the city of Fazilka in Western India. The planned capacity of the gas pipeline is designed to supply 33 billion cubic meters of gas per year.
