TAP accounts for majority of investments in Albania’s gas sector
BAKU, Azerbaijan, Sept.28
By Leman Zeynalova - Trend:
The Trans Adriatic Pipeline (TAP) accounts for the majority part of investments in the gas sector of Albania in the second quarter of 2020, Trend reports citing Bank of Albania.
“Energy and gas sectors generated 90 million euros worth of foreign investments, 50 percent more than in 2019,” said the Bank.
According to the Bank of Albania, during the second quarter of the current year, investments in the energy sector accounted for 41 percent of foreign investments in the Albanian economy.
During the second quarter of the year, financial sector also saw a big increase of 22 percent in terms of foreign investments. The value of these investments amounted to 49 million euros.
The extractive industry has also seen a significant increase. According to the country’s central bank, investments in the extractive industry saw an increase of 18 million euros in the second quarter of the year, three times more than the same period a year ago.
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).
Follow the author on Twitter: @Lyaman_Zeyn