BAKU, Azerbaijan, July 27. Dividends of Spanish Enagas company, one of the shareholders of the Trans Adriatic Pipeline (TAP) that transports Azerbaijani gas to Europe, stood at 42.4 million euros in the first half of 2023, Trend reports.
Funds from operations (FFO) at June 30, 2023 reached 247.7 million euros, which includes the payment of taxes associated with the sale of GNL Quintero and Morelos (- €71.2 M) and the dividends received from affiliates amounting to 108.8 million euros. This amount, which is in line with the annual target, includes the collection of TAP’s first dividend after its entry into operation, amounting to 42.4 million euros.
Enagas holds 20 percent share in TAP, which transports natural gas from the giant Shah Deniz field in the Azerbaijani 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 facilitates gas supplies to South Eastern European countries through existing and prospective interconnectors. TAP is connected to Interconnector Greece Bulgaria (IGB) which started its commercial operations in October 2022, providing Caspian gas to Bulgaria, enhancing security of energy supplies in one more European country. 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.
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