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TAP gaining strategic importance amid geopolitical situation – Greek deputy FM

Oil&Gas Materials 1 December 2022 10:52 (UTC +04:00)
TAP gaining strategic importance amid geopolitical situation – Greek deputy FM
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, December 1. Trans Adriatic Pipeline TAP, the Greece-Bulgaria Interconnector IGB, and the planned Greece-Northern Macedonia Interconnector are investments that, due to the Russia-Ukraine war, highlight their strategic importance and value, Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis said in his article in the special edition of “NAFTEMPORIKI” newspaper, Trend reports.

“In the energy sector in particular, our country is gradually turning into an energy hub for the wider region,” he added.

In the field of electricity, Fragogiannis said Greece has forged alliances in the Middle East with countries such as Egypt, Saudi Arabia, and the United Arab Emirates, with which it is promoting agreements on the transmission of electricity generated by renewable energy sources.

“Doing good will attract good”, as I often say, and this applies to more than just the economic progress that countries can achieve through this kind of investment. Greece now "means business" in the international community,” said the deputy minister.

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).

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