...

Enagas reveals TAP’s contribution to its net profit

Oil&Gas Materials 22 February 2022 17:37 (UTC +04:00)
Enagas reveals TAP’s contribution to its net profit

BAKU, Azerbaijan, Feb.22

By Leman Zeynalova – Trend:

Affiliates of Spanish Enagas company, TGP, TAP, GNLQ and TGE together contributed 30 percent to the company’s net profit, Trend reports with reference to the company.

Enagas is one of the shareholders of the Trans Adriatic Pipeline (TAP).

In the first year of commercial operation of TAP, 7.7 bcm of natural gas transmitted to Europe in 2021 with 100 percent availability, contributing significantly to security of supply in Italy and Greece, reduction of the historical overpricing of the Italian hub (PSV) vs European hub (TTF).

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 percent), SOCAR (20 percent), Snam (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest