TAP’s Swiss shareholder substantially lowers its net investments
Baku, Azerbaijan, July 18
By Leman Zeynalova - Trend:
Net investments of Swiss-based Axpo company in fixed assets in the business year 2016/17 (reporting date: September 30, 2017) declined from 890 million Swiss francs in the previous year to 294 million francs, the company told Trend.
“This substantial reduction is attributable to a decrease in investments in the pumped-storage power plant in Linth-Limmern, which has reached the commissioning stage together with all four of its hydroelectric generator sets,” said the company.
Regarding the volume of investments made by Axpo in the Trans Adriatic Pipeline (TAP), where it holds a 5-percent share, the company said that as a matter of principle, Axpo does not publish its investment in TAP.
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).
Follow the author on Twitter: @Lyaman_Zeyn