Manila, Philippines, November 21, 2014 (PPI-OT): The Board of Directors of TAPI Pipeline Company Limited (TPCL) held its first meeting yesterday in Ashgabat, Turkmenistan and appointed Mr. Mobin Saulat, Managing Director of Inter State Gas Systems (Private) Limited of Pakistan, as the Chairman of the Board for purposes of the meeting.
TPCL was established on 11 November 2014. It will build, own and operate the planned 1,800-kilometer Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline. The four TAPI state gas companies — State Concern “Turkmengas”, Afghan Gas Enterprise, Inter State Gas Systems (Private) Limited, and GAIL (India) Limited — own equal shares of TPCL. “Our first Board meeting gave all four shareholders the chance to consider an action plan to realize our ambitious goals for this pipeline to promote energy security, growth, and development in our four countries,” said Mr. Saulat.
ADB is the transaction advisor for the TAPI gas pipeline project and advised on the establishment of TPCL. The most critical responsibilities as transaction advisor are to help TPCL select a commercial consortium leader to lead the construction and operation of the pipeline. When selected, the commercial consortium leader will take a substantial stake in TPCL.
The TAPI pipeline will export up to 33 billion cubic meters of natural gas a year from Turkmenistan to Afghanistan, Pakistan, and India over 30 years. Turkmenistan has the world’s fourth-largest proven gas reserves, and is keen to diversify its gas export markets. Turkmen gas in turn will provide a new source of fuel for southern Afghanistan, Pakistan, and northern India.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2013, ADB assistance totaled $21.0 billion, including cofinancing of $6.6 billion.
For more information, contact:
Asian Development Bank (ADB)
Tel: + 632 632 4444 (connecting all Depts. /Offices)
Fax: + 632 636 2444