Baku, Azerbaijan, July 31
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP) is strategic work in terms of energy supply to Italy, said Italian Prime Minister Giuseppe Conte during the joint press conference with the US President Donald Trump in Washington.
“I discussed this with President Trump and I reported to him that my government is fully aware of the fact that this is strategic work in terms of energy supply to Italy and to the south of Europe and the Mediterranean area,” he said.
“We are perfectly aware of the fact that this can provide a contribution also in the renewal of the energy system and the elimination of coal, which is part of our program.”
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