BAKU, Azerbaijan, July 27
By Leman Zeynalova – Trend:
Thanks to the true-up carried out in the company after reaching the Financial Completion Date on March 31, Enagas equity in the Trans Adriatic Pipeline (TAP) has been reduced by 20.5 million euros, Trend reports with reference to Spanish Enagas, one of the TAP shareholders.
This brought its current investments for 16 percent of the company to 197.2 million euros with an expected return of over 11 percent, said Enagas.
TAP transports natural gas from the giant Shah Deniz field in the Azerbaijan sector of the Caspian Sea to Europe. The 878 km long pipeline connects with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
TAP will facilitate gas supplies to South Eastern European countries through prospective interconnectors. In particular, Bulgaria will be able to cover up to 33% of its total gas demand through TAP after the completion of the Interconnector Greece Bulgaria (IGB). TAP’s exits in Greece and Albania together with the landfall in Italy provide multiple opportunities for further transport of gas from Azerbaijan to the wider European markets.
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.
Follow the author on Twitter: @Lyaman_Zeyn