KABUL link>: Saudi Arabia wouldmake considerable investments in the construction of theTurkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, TurkmenistanDeputy Prime Minister Maksat Babayev says.
Babayev, in charge of the fuel and energy sector, said told a cabinetmeeting the investments would be made in line with agreements reachedduring the Turkmen president’s visit to the Kingdom in May 2016.
A Baku-based newspaper reported the funds were allocated by the SaudiDevelopment Bank for the TAPI project. The deputy PM, however, did not puta figure on the amount of investments.
Last week, the state-controlled information agency TDH reported PresidentGurbanguly Berdymukhammedov had sent a message to Saudi King Salman binAbdulaziz Al Saud, expressing gratitude for the investments provided.
It added the United Arab Emirates was also interested in TAPI investments.A week ago, Turkmen Deputy Minister for Foreign Affairs Berdyniyaz Myatiyevand UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met in theUnited Arab Emirates.
On December 20, President Berdymukhammedov also met the Sheikh in Ashgabat.Arab investors have reportedly evinced an interest in the implementation ofthe TAPI gas pipeline.
Construction work on the gas pipeline is expected to begin in Afghanistanin February. The Ministry of Mines and Petroleum (MoMP) says necessarysteps have been taken to implement the project.
The project will transport 33 billion cubic meters of gas from Turkmenistanto Afghanistan, Pakistan and India via a 1,814km pipeline.
For the construction of the TAPI gas pipeline, a consortium – TAPI PipelineCompany Limited – was established and the state concern Turkmengaz waselected as the leader.
The main hurdles to the project’s implementation are financing and securityissues. The Asian Development Bank, the European Bankfor Reconstruction and Development and the Japanese government haveexpressed their interest in funding TAPI.
The Islamic Development Bank has already allocated a loan worth $700million for Turkmenistan to construct its section.