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TAP supplies to Greece cause contraction in LNG imports

Oil&Gas Materials 13 April 2021 14:44 (UTC +04:00)
TAP supplies to Greece cause contraction in LNG imports

BAKU, Azerbaijan, Apr.13

By Leman Zeynalova – Trend:

The start of gas supplies to Greece via the Trans Adriatic Pipeline (TAP) caused contraction in liquified natural gas (LNG) imports by the country, Trend reports citing S&P Global Platts.

LNG supplies to Greece in the first quarter of 2021 more than halved year on year, as pipeline deliveries via the Southern Gas Corridor began and sky-high spot LNG prices saw cargoes diverted to Asia.

Greece's LNG imports totaled 0.36 Bcm of gas equivalent in Q1, according to data from S&P Global Platts Analytics, down from 0.97 Bcm in the same period of 2020.

LNG prices remain relatively high, though, making pipeline gas supplies from Russia, Azerbaijan, and reexports from Turkey competitive.

As the European section of the Southern Gas Corridor, TAP has the capacity to transport approximately 10 billion cubic meters of gas per annum (bcm/a) to several markets in Europe. The pipeline is also designed with the potential to expand its throughput capacity up to 20 bcm/a.

As a key part of the Southern Gas Corridor, TAP is strategically and economically important to Europe and essential in providing reliable access to a new source of natural gas. TAP plays a significant role in boosting Europe’s energy security, supply diversification, as well as decarbonisation objectives.

TAP’s shareholding is comprised of bp (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

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Follow the author on Twitter: @Lyaman_Zeyn

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