Baku, Azerbaijan, Nov.8
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe, is the main driver for Albania’s economic growth in 2017 and 2018, according to the Regional Economic Prospects report of the European Bank for Reconstruction and Development (EBRD).
“Economic activity in Albania continues to be on an accelerating trend. After broad-based growth in 2016 of 3.4 percent, the rate of increase of GDP rose further to 4 percent year-on-year in the first half of 2017,” said EBRD. “Growth is being driven by strong investment, primarily linked with construction of TAP.”
The report said that the short-term outlook for Albania remains positive, and EBRD has therefore increased its forecast for overall 2017 growth, based on this strong performance in the first half of 2017, from 3.5 to 3.7 percent, staying at that level in 2018, on the back of private domestic demand and further major construction work on large energy-related foreign direct investment, including the TAP.
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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