BAKU, Azerbaijan, March 30
By Leman Zeynalova – Trend:
Trans Adriatic Pipeline, which envisages transportation of Azerbaijani gas to Europe, helped Albania to keep up its foreign direct investments (FDI) throughout 2020, Trend reports with reference to the Bank of Albania.
Nevertheless, according to the bank’s estimates, Albania saw a 13 percent contraction (933 million euros) in FDI last year, which is considered as moderate against the backdrop of COVID-19 crisis.
The Bank of Albania expects FDI to be even lower in 2021 with the completion of TAP and hydropower plants on Devolli River, as well as the coronavirus pandemic.
As the European section of the Southern Gas Corridor, TAP has the capacity to transport approximately 10 billion cubic meters of gas per annum (bcm/a) to several markets in Europe. The pipeline is also designed with the potential to expand its throughput capacity up to 20 bcm/a.
As a key part of the Southern Gas Corridor, TAP is strategically and economically important to Europe and essential in providing reliable access to a new source of natural gas. TAP plays a significant role in boosting Europe’s energy security, supply diversification, as well as decarbonisation objectives.
TAP’s shareholding is comprised of bp (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
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