The World Bank and China-led Asian Infrastructure Investment Bank (AIIB) have approved a total of $1.2 billion credit for Turkey's Tuz Golu (Salt Lake) underground gas storage facility, the country's energy minister said Wednesday.
Speaking at a signing ceremony at the Ministry in capital Ankara, Berat Albayrak underlined the importance of the agreement saying both banks had approved the credits ahead of Turkey's presidential and parliamentary elections on Sunday.
'These credits were given due to a confidence in Turkish economy, its future and its stability,' Albayrak said.
The minister said that the first phase of the gas storage facility was completed, and had the capacity to store 550 million cubic meters of natural gas.
'We will gradually increase the capacity and reach 5.4 billion cubic meters before 2023,' Albayrak added.
'And we will eventually reach 10 billion cubic meters of storage capacity with the expansion of our Silivri natural gas storage facility,' he said.
Last year, Turkey's President Recep Tayyip Erdogan and Prime Minister Binali Yildirim presided over the opening ceremony of the Tuz Golu facility located in the Sultanhani district in the central province of Aksaray, located 40 kilometers (25 miles) from the Salt Lake.
The minister also said that Turkey was getting closer to its goal of becoming a natural gas trade hub thanks to the Trans Anatolian Pipeline natural gas pipeline, TurkStream and Floating Storage Regasification Units (FSRU) projects.
AIIB Vice President and Chief Investment Officer D.J. Pandian said in a written statement that the bank's investment in this project would bring 'great benefits' to gas consumers across Turkey and help AIIB establish long-term cooperation with the government and other important entities in the country.
Reporting by Murat Temizer
Writing by Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr