Greece plans to properly exploit fact of receiving natural gas from Azerbaijan
BAKU, Azerbaijan, Sept.22
By Leman Zeynalova – Trend:
Greece plans to properly exploit the fact of receiving natural gas from Azerbaijan, Constantinos Filis, Director of Research Programs at the Institute of International Relations told Greece Investor Guide, Trend reports.
He pointed out that The Trans Adriatic Pipeline (TAP) is the first project in the Southern European corridor with the aim of lessening dependence on Russia.
“Through the vertical corridor, linking Greece with Bulgaria (the IGB project), which can be extended to eastern and northeastern Europe, Athens plans to properly exploit the fact that it will receive natural gas from Azerbaijan and, in the future, from other sources from the wider Caspian basin. Athens also expects to transport and manage quantities of gas from the eastern Mediterranean,” said Filis.
He noted that through its participation in various projects, Greece aims to become not only a transit, but also a commercial hub for energy.
“Greece is entering the global energy equation, investing in its strategic position. Greece is gradually becoming a focal point of regional projects in an attempt to connect southeastern Europe with the more mature market of central and northern Europe. The strategic objective of the EU is to diversify suppliers and routes, and in that respect, Greece is a crucial part of the European supply chain, particularly given its credibility,” 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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