TAP finalises Maintenance Agreement Talks with Albgaz/Snam JV

TAP finalises Maintenance Agreement Talks with Albgaz/Snam JV

Baku, Azerbaijan, Nov.14

By Leman Zeynalova - Trend:

On 14 November 2018, Trans Adriatic Pipeline (TAP) signed a Letter of Intent, marking the final stages of negotiation of the Maintenance Agreement talks between TAP and Albgaz Sh.a and Snam S.p.a. – a joint venture that will establish a special purpose entity to act as the maintenance service provider for the Trans Adriatic Pipeline on the territory of Albania, said a message from TAP AG.

The finalisation of the talks was celebrated in a ceremony attended by Damian Gjiknuri, the Minister of Infrastructure and Energy in Albania, members of the Albanian Parliament, Albgaz, Snam, as well as TAP management. Participants also included representatives from the diplomatic corps and other key stakeholders.

TAP Managing Director Luca Schieppati said: “I am very pleased to be here today to mark another step forward in putting further pieces of this strategic infrastructure in place, bringing us to a successful start of operations in 2020. TAP is proud to be contributing to the development of the Albanian gas market. We look forward to supporting and working together with the soon to be established maintenance service provider”.

Albgaz, the Albanian gas transmissions system operator, was established shortly after the signing of the amended Host Government Agreement between the Albanian Government and TAP - Snam being one of the most experienced gas Transmission System Operators in Europe. TAP is confident that the Albgaz/Snam JV established special purpose entity will ensure the safe and efficient maintenance of the Trans Adriatic Pipeline in Albania, following first gas in 2020.

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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