AfDB Backs Tunisian Natural Gas Project With $75M Loan

By Chelsea Naso (July 8, 2014, 2:57 PM EDT) -- The African Development Bank Group said Monday it will help support Tunisian state-owned oil and gas company Entreprise Tunisienne d'Activites Petrolieres' Nawara project, which aims to trim natural gas imports and bring resources from the region to market.

The $75 million corporate loan to ETAP is a seven-year, nonsovereign guarantee, the bank said Monday, and will fund a portion of the Nawara project, formally known as the South Tunisian Gas Project.

The project is being developed by a joint venture between ETAP and OMV Tunisia GmbH, the Tunisian subsidiary of OMV Austria, the largest listed industrial company in Austria, and is...

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