BAKU, Azerbaijan, Feb.25
By Leman Zeynalova - Trend:
The Trans Adriatic Pipeline (TAP) could lead to shift to gas-powered energy in several Western Balkans countries in the future, EBRD President Sir Suma Chakrabarti said at the
2020 Western Balkans Investment Summit, Trend reports via EBRD’s website.
He noted that regional integration through energy is vital for the Western Balkans.
“We should therefore celebrate another recent milestone for a project the EBRD has supported for many years: the completion of the maritime electricity network connecting Italy and Montenegro and on to the rest of the region. Having signed a major project with TANAP, we look forward to the completion of the Trans Adriatic Pipeline (TAP), which would bring Caspian gas through Albania to Western Europe. In the future it could also lead to a shift to gas-powered energy in several Western Balkans countries,” said Chakrabati.
EBRD president went on to add that such energy corridors are important for energy security in the region.
“However, they are also central to the green transition that is a strategic priority for the European Commission and indeed the world. Investments in the green economy accounted for a record 46 percent of the EBRD’s overall investment in all our regions last year,” he added.
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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