Baku, Azerbaijan, Nov.8
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 222 million euros in the third quarter of 2017, Snam said in its report.
“The equity investments item (1,539 million euros) includes the valuation of equity investments using the equity method and refers mainly to the companies Trans Austria Gasleitung GmbH - TAG (489 million euros), TIGF Holding S.A.S. (478 million euros), Trans Adriatic Pipeline AG - TAP (222 million euros), Italgas S.p.A. (150 million euros) and AS Gasinfrastruktur Beteiligung GmbH (127 million euros),” said Snam.
The 222 million euros to TAP AG includes approximately 33 million euros relating to the TAP future capital increase, in which Snam is required to participate to an extent proportional with the stake held, based on the agreements entered into during the acquisition of the equity investment, according to the report.
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.
---
Follow the author on Twitter: @Lyaman_Zeyn