Baku, Azerbaijan, Aug.1
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 252 million in the first half of 2019, Trend reports citing Snam.
“The item equity investments (1,783 million) includes: (i) the valuation of equity investments using the net equity method and referred to Trans Austria Gasleitung GmbH - TAG (Euro 519 million), Teréga Holding S.A.S. (Euro 488 million), Trans Adriatic Pipeline AG – TAP (Euro 252 million), Italgas S.p.A. (Euro 177 million), AS Gasinfrastruktur Beteiligung GmbH (Euro 120 million), Senfluga Energy Infrastructure Holdings (Euro 130 million) and Interconnector UK (Euro 59 million); (ii) measurement of the minority interest in the company Terminale GNL Adriatico S.r.l. (Adriatic LNG) (Euro 38 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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