Baku, Azerbaijan, April 30
By Leman Zeynalova – Trend:
Spanish Enagas company, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) envisaging transportation of Azerbaijani gas to Europe, has invested 474 million euros in the project as of March 31, 2018, the company said in its financial report.
“The TAP partners will continue to make contributions until the financial closure, when the true-up will be received. Enagás will have invested approximately 270 million euros in TAP,” said the company.
In the first quarter of 2018, Enagás invested a total of 42 million euros in assets in which the company already had a presence. ”Of this figure, approximately 35 million euros were for the construction of TAP, a project in which Enagás holds a 16 percent stake, and which is key to guaranteeing the security of Europe’s energy supply.”
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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