Snam reveals volume of equity investments in TAP AG
Baku, Azerbaijan, May 15
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 266 million as of the first quarter of 2019, Trend reports citing Snam.
“The item equity investments (1,819 million euro) includes: (i) the valuation of equity investments using the equity method referring to the companies Trans Austria Gasleitung GmbH-TAG (529 million euro), Teréga Holding S.A.S. (480 million euro), Trans Adriatic Pipeline AG-TAP (266 million euro), Italgas S.p.A. (192 million euro), AS Gasinfrastruktur Beteiligung GmbH (125 million euro), Senfluga Energy Infrastructure Holdings (127 million euro) and Interconnector UK (61 million euro); (ii) measurement of the minority interest in the company Terminale GNL Adriatico S.r.l. (Adriatic LNG) (38 million euro),” 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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