BAKU, Azerbaijan, Oct.22
By Leman Zeynalova – Trend:
Until the commissioning of the Trans Adriatic Pipeline (TAP), Spanish Enagás will contribute a further 24 million euros in capital to TAP, Trend reports citing the company.
Enagas report shows that net investment increased to 756.5 million euros at 30 September 2019, mainly as a result of the investment in Tallgrass for 704.9 million euros and in TAP for 14.1 million euros.
Net profit at 30 September 2019 stood at 333.1 million euros, 2.3 percent higher than the net profit amount from the same period in 2018.
Total revenues at 30 September 2019 stood at 872.4 million euros, which is 1.3 percent lower than the figure obtained in the same period of 2018.
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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