Baku, Azerbaijan, Oct.10
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, represents an important portfolio for diversification, Swiss Axpo company, one of the TAP shareholders, told Trend.
Axpo said that TAP reduces the company's dependence on the wholesale price for electricity.
“In particular, TAP will provide Axpo with access to attractive sales markets. In addition to the income generated by Axpo's participation in the pipeline, the company has secured a considerable volume of natural gas from the Shah Deniz gas field on a long-term basis. These volumes will be marketed in several European markets by Axpo,” said the company. “Respective supply contracts with the Shah Deniz Consortium were signed in September 2013.”
TAP worth 4.5 billion euros is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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