BAKU, Azerbaijan, Jan.16. The cost of gas exported from Azerbaijan to Europe via the Trans Adriatic Pipeline (TAP) stood at €4.7 billion in the third quarter of 2022, Trend reports via the European Commission.
“As average import gas prices increased significantly year-on-year (showing a nearly three-fold growth compared to Q3 2021), in the third quarter of 2022 the estimated gas import bill amounted to more than €101 billion, implying a new record and up from the previous quarter (€75 billion). In comparison to €29 billion in Q3 2021, the bill rose by 249 percent year-on-year. However, it should be noted here that the estimation of the gas import bill is based on the mixture of sources on import prices (spot wholesale prices, foreign trade data, etc.), which might not give a fully accurate calculation on the actual gas import prices. Out of these the estimated amount, gas imported from Norway was around €27 billion, whereas imports from Russia amounted to €9 billion, followed by North Africa (Algeria and Libya, €6.5 billion) and the TAP (€4.7 billion). If LNG imports from Russia, Norway and North Africa accounted to the source of origin, the total gas import bill from Russia amounted to €16.4 billion, that of Norway to €27.6 billion and that of North Africa to €13.5 billion,” reads the latest report published by the Commission.
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 percent), SOCAR (20 percent), Snam (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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