Spanish company reveals volume of investments in TAP
Baku, Azerbaijan, July 18
By Leman Zeynalova - Trend:
Spanish Enagas company, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) envisaging transportation of Azerbaijani gas to Europe, has invested 84.8 million euros in the project in the first half of 2018, the company said in its financial report.
“Net investments at the end of the first half of 2018 were 102.1 million euros. Of this, 13.4 million euroscorrespond to investments in Spain and 88.7 million euros to net investments outside Spain. In international investments, the investment in TAP stands at 84.8 million euros,” said the company.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU), and has already attracted 1.5 billion euros from the European Investment Bank (EIB), which approved the loan in early February 2018.
Connecting with the Trans-Anatolian Natural Gas Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016.
Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).
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