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Snam reveals volume of equity investments in TAP AG

Oil&Gas Materials 19 February 2019 15:40 (UTC +04:00)

Baku, Azerbaijan, Feb.19

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 258 million euros in 2018, Trend reports citing Snam.

“The item equity investments (€1,750 million) includes: (i) the valuation of the equity investments through the net equity method which refers mainly to the foreign companies Trans Austria Gasleitung GmbH - TAG (€509 million), Teréga Holding S.A.S. (€466 million), Trans Adriatic Pipeline AG - TAP (€258 million), AS Gasinfrastruktur Beteiligung GmbH (€124 million) and Senfluga Energy Infrastructure Holdings (€117 million),” said the company.

TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.

Connecting with the Trans Anatolian 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), Enagás (16 percent) and Axpo (5 percent).

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