SOCAR reveals volume of Azerbaijan’s investments in TAP construction

Oil&Gas Materials 2 July 2016 08:18 (UTC +04:00)

Baku, Azerbaijan, July 2

By Maksim Tsurkov – Trend:

Expenditures of the Southern Gas Corridor JSC within the Trans Adriatic Pipeline (TAP) construction project will be $1.2 billion until 2020, a high-ranking representative of Azerbaijan’s state oil company SOCAR told Trend.

The Southern Gas Corridor JSC is the operator of the ‘Southern Gas Corridor’ project, which mainly includes the TAP project worth $6.3 billion.

“Fourteen percent, or $877 million, of the planned investment has already been spent during TAP’s construction,” said SOCAR representative. “The work on the project has already been fulfilled by 19.5 percent.”

With TAP to be constructed in 2019, gas from the second phase of Azerbaijani Shah Deniz gas field development can be delivered to the EU countries in 2020. In particular, the gas will be transported from the Turkish-Greek border through Greece, Albania and the Adriatic Sea and then coming ashore in Italy's south.

TAP's initial capacity will be 10 billion cubic meters of gas per year with the possibility of expanding it to 20 billion cubic meters.

TANAP and TAP are integral parts of the Southern Gas Corridor, meant to deliver Azerbaijani gas to Europe.


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