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Spanish Enagas reveals volume of investments in TAP

Oil&Gas Materials 18 October 2017 10:14 (UTC +04:00)

Baku, Azerbaijan, Oct. 18

By Leman Zeynalova - Trend:

Spanish Enagas, which is one of the shareholders of the Trans Adriatic Pipeline (TAP), envisaging Azerbaijani gas to Europe, has invested 387 million euros in the project as of September 2017, said the message from the company.

“TAP’s partners will keep making capital contribution until the financial closure. Enagas’ final investment in TAP will be approximately 270 million euros,” said the company.

Conversations with multilateral agencies are in an advanced stage and it is expected to achieve the financial closure in the first semester of 2018, according to the message.

TAP is a part of the Southern Gas Corridor which is one of the priority energy projects for the EU.

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 Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy's south.

TAP’s shareholders are: BP (20 percent), State Oil Company of Azerbaijan (20 percent), Snam (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).

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.

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Follow the author on Twitter: @Lyaman_Zeyn

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