World Bank funds gas storage facility in Turkey
The World Bank has approved extra financing of $400 million (£233.7m) for the development of the gas sector in Turkey.
The loan would finance the cost overrun of the underground Tuz Golu gas storage facility, the Bank said.
Once completed, it will have the capacity to store around 960 million cubic meters of working gas and 460 million cubic meters of cushion gas, i.e. the portion of gas which must remain in the cavern.
Martin Raiser, Country Director for Turkey said: “As household and industrial demand increase, natural gas storage facilities constructed under this project will help keep the cost of natural gas more stable across the seasons, give better security of supply, and encourage the construction of gas distribution networks.”
Natural gas accounts for almost one-third of the Turkey’s primary energy supply and fuels almost 50% of electricity generation.
