European Investment Bank Extends Loan to OMV to Develop Nawara Gas Field in Southern Tunisia

The European Investment Bank (EIB) and OMV on Monday inked a 230 million Tunisian dinar (approx. 104 euros) loan agreement to develop Nawara gas field in southern Tunisia, reported Tunis Afrique Presse (TAP) Wednesday.

The agreement was signed on the sidelines of an event in Tunis.

This is the second instance of financing by the EIB. Last March 150 million euros worth of loan was extended to Tunisian Oil Activities Company (ETAP), the news agency reported.    

The project consists in building a 370km gas pipeline from Nawara to Gabès, a gas power plant in Nawara and a gas processing facility in Gabès.

“The signing of this agreement is a positive message for investment in Tunisia, in addition to being highly symbolic for the Euro-Mediterranean partnership,” said EIB’s Vice President Philippe de Fontaine Vive.

In a separate report Tunis Afrique Presse reported Tunisia and the African Development Bank (AfDB) on Wednesday inked a 49.4 million euro loan agreement to fund a project for the development of natural gas transportation and distribution to the western part of the country.