Enagas reveals volume of investments in TAP
Baku, Azerbaijan, July 30
By Leman Zeynalova - Trend:
Spanish Enagas company, which is one of the shareholders of the Trans Adriatic Pipeline (TAP) project, has invested 48 million euros in the project in the first half of 2019, Trend reports citing the company.
“Until the project commissioning, Enagas will continue making capital contributions to TAP, which at the date of the report worth 48 million euros. Enagas' total investment in TAP is expected to reach 236 million euros, in line with the capital structure contemplated in the project,” reads a report from Enagas.
The company said that the overall progress of the project reached 88.5 percent and commercial operation is expected to begin in 2020
“Gas commissioning activities are expected to begin in Greece and Albania in the fourth quarter of 2019. The central section of the Southern Gas Corridor (TANAP) has been operating since 1 July and is ready to begin delivering gas to Europe when TAP reaches commercial operation,” said Enagas.
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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