Baku, Azerbaijan, May 4
By Leman Zeynalova – Trend:
The volume of equity investments made by Italy’s Snam S.p.A. company in TAP AG, the consortium for construction of the Trans Adriatic Pipeline (TAP) project, stood at 173 million euros in the first quarter of 2017, Snam said in its report.
The net profit of Snam, which is one of the shareholders of TAP project, totaled 254 million euros in the first quarter of 2017, up by 42 million euros (19.8 percent) compared with adjusted pro-forma net profit for the first quarter of 2016, according to the report.
Moreover, the report shows an increase of gas demand in Italy.
“The gas injected into the transportation network stood at 18.98 billion cubic meters, an increase of 2.49 billion cubic meters compared with the first quarter of 2016, essentially following the increase in demand for natural gas in Italy (an increase of 2.03 billion cubic meters compared with the first quarter of 2016),” said the report. “The increase in demand is due to the higher consumption recorded in all the main sectors and, specifically, the thermoelectric sector following the decrease in energy imports in the first two months of the year.”
TAP is a part of the Southern Gas Corridor which is one of the priority energy projects for the European Union.
TAP project envisages transportation of gas from the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field to the EU countries.
The pipeline will be connected to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy's south.
TAP will be 878 kilometers in length (Greece 550 km, Albania 215 km, Adriatic Sea 105 km, and Italy 8 km). Its highest point will be 1,800 meters in Albania’s mountains, while its lowest point will be 820 meters beneath the sea.
TAP's shareholding is comprised of BP (20 percent), Azerbaijan’s state oil company SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).
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