Baku, Azerbaijan, July 17
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, has accounted for the major part of investments made by Spain’s Enagas company in the first half of 2018.
“In the first half of the year, Enagas invested 102.1 million euros, largely on the Trans Adriatic Pipeline,” said the message from the company.
This project, in which the company holds a 16 percent stake, is included among the European Commission’s Project of Common Interest (PCIs) and will enable security of the continent’s energy supply to be strengthened, said Enagas.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU), and has already attracted 1.5 billion euros from the European Investment Bank (EIB), which approved the loan in early February 2018.
Connecting with the Trans-Anatolian Natural Gas 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), Enagas (16 percent) and Axpo (5 percent).
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