Thursday, December 2, 2010

EIB lends Eur500 million for pipeline between Algeria and Spain

BRUSSELS - The European Investment Bank has announced a Eur500 million loan to Medgaz for the construction of a gas pipeline between Algeria and Spain.

The financed project consists of transporting gas energy from Algeria to Spain over a length of 210 km. It comprises the construction and operation of a sub-sea gas transmission pipeline between Beni Saf in Algeria and a landfall close to Almeria in Spain, including a gas receiving terminal on the Spanish side, a compressor station at Beni Saf of initially 99 MW, a pipeline with a diameter of 24 inches, a capacity of 8 Gm³/a and short near-shore sections for a potential future second 24-inch sub-sea pipeline. The total project cost is estimated at Eur1.01 billion.

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