Baku, Azerbaijan, Jan.24
By Leman Zeynalova – Trend:
Spanish Enagas, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) project, envisaging transportation of Azerbaijani gas to Europe, has made 172 million euros worth investments in the project as of 2018, the company told Trend.
“Enagas did a net investment in TAP up to 31 December 2018 of 172 million euros,” said the company.
Until the start-up of the project, Enagas will continue to make contributions to TAP worth 62 million euros. The total investment of Enagas in TAP is expected to amount to 234 million euros, in line with project's estimated capital structure.
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).
---
Follow the author on Twitter: @Lyaman_Zeyn
