Snam reveals volume of equity investments in TAP AG
Baku, Azerbaijan, Aug.1
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, envisaging transportation of Azerbaijani gas to Europe stood at 230 million euros in the first half of 2018, Snam said in its report.
“The item equity investments (1,561 million euros) basically includes: (i) the valuation of equity investments using the equity method referring to the companies Teréga Holding S.A.S.9 (479 million euros), Trans Austria Gasleitung GmbH-TAG (474 million euros), Trans Adriatic Pipeline AG-TAP (230 million euros), Italgas S.p.A. (157 million euros), AS Gasinfrastruktur Beteiligung GmbH (117 million euros) and Interconnector UK (61 million euros); (ii) the fair value measurement of the minority interests in the company Terminale GNL Adriatico S.r.l. (42 million euros),” said the report.
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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