TAP takes major part of Spanish company’s investments in Q32018
Baku, Azerbaijan, Oct.16
By Leman Zeynalova – Trend:
The Trans Adriatic Pipeline (TAP) envisaging transportation of Azerbaijani gas to Europe, has accounted for the major part of the investments made by Spain’s Enagas company in the third quarter of 2018, the company said in its financial report.
“Enagás invested a total of 153.6 million euros in the third quarter of the year, mainly in TAP project, in which the company has a 16 percent stake,” said the report.
The Spanish company said that the construction progress of TAP is 79 percent.
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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