ECONOMY
Albania, TAP revise pipeline deal
Baku, December 21 AZERTAC
Albania's Energy Ministry and the Trans Adriatic Pipeline have amended their agreement to give more financial support and assistance to Albania.
The statement of Albanian Energy and Industry Ministry said that the sides agreed on reviewing payments, increasing investments in communities and training the local gas sector following seven months of negotiations.
TAP project, which envisages transportation of gas from the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field to the EU countries, is expected to develop the European natural gas system. The pipeline comprises the final step of the highly ambitious Southern Gas Corridor project.
The pipeline will be connected to the Trans Anatolian Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy's south.
Energy security is one of the fundamental concerns of Albania, which depends heavily on hydropower. Natural gas demand in the country is expected to reach 1.8 billion cubic meters per year by 2020 according to the Energy Ministry of Albania.
Along with contributing to the energy security of the country, TAP is expected to increase the geostrategic importance of Albania by contributing to the energy security of the whole Balkans.
FEEDBACK
Other news in this section
- 29.08.2023 [10:41]
Oil prices fall in world markets
- 29.08.2023 [10:34]
Azerbaijani oil price sells for $88.56
- 28.08.2023 [16:41]
Shah Deniz celebrates 200 billion cubic metres of total gas production
- 28.08.2023 [10:49]
Oil prices rise in world markets
- 26.08.2023 [10:53]
Azerbaijani oil price exceeds $88
- 26.08.2023 [10:36]
Oil prices rise in world markets
- 25.08.2023 [11:00]
Azerbaijani oil price drops in world markets
- 25.08.2023 [10:21]
Oil prices rise in world markets
- 24.08.2023 [10:57]
Oil prices fall in world markets
Iraqi President invited to COP29
- [12:45]
Kyrgyz Cinema Days open in Baku
- [11:27]
Azerbaijani oil sells for $89.49
- [10:21]
® Bakcell is inviting the entire country to the concert at Boulevard
- 24.04.2024 [20:28]
® Birbank Business’s special “Welcome” campaign for new customers
- 24.04.2024 [20:23]
Kyrgyz President Sadyr Zhaparov pays tribute to Azerbaijani martyrs
- 24.04.2024 [19:06]
Kyrgyz President Sadyr Zhaparov pays respect to Great Leader Heydar Aliyev
- 24.04.2024 [18:55]
US Congress members informed about Azerbaijan-Armenia peace process
- 24.04.2024 [18:31]
Azerbaijan-Hungary Energy Working Group convenes fourth meeting
- 24.04.2024 [18:11]
AZERTAC hosts meeting with Uzbek journalists VIDEO
- 24.04.2024 [17:24]
Court investigates business corruption accusation against wife of Spanish PM
- 24.04.2024 [16:57]
Hungarian foreign minister to visit Azerbaijan
- 24.04.2024 [16:42]
Türkiye rejects ‘one-sided’ statements on 1915 events
- 24.04.2024 [16:22]
Azerbaijani rowers aim for 'medal rush' in Hungarian tournaments
- 24.04.2024 [16:11]
Azerbaijani tennis player grabs bronze at WTT Youth Contender Spa 2024
- 24.04.2024 [15:47]
Azerbaijan and Kyrgyzstan signed documents VIDEO
- 24.04.2024 [15:34]
Azerbaijan’s Naval Forces and MES hold Wave-2024 joint tactical exercise
- 24.04.2024 [14:04]
President of Azerbaijan invited his Kyrgyz counterpart to COP29
- 24.04.2024 [13:55]
International experts convene for conference in Azerbaijan’s Lachin
- 24.04.2024 [13:50]
Azerbaijani ambassador presents his credentials to President of Gambia
- 24.04.2024 [12:57]
BHOS hosts opening of International Scientific Conferences
- 24.04.2024 [12:49]
® Nar presents new books to a school in Fuzuli
- 24.04.2024 [12:38]
Presidents of Azerbaijan and Kyrgyzstan held meeting in limited format VIDEO
- 24.04.2024 [12:30]
Oil prices go up in global markets
- 24.04.2024 [11:49]
Chairman of Presidency of Bosnia and Herzegovina invited to COP29
- 24.04.2024 [11:46]
President of Kyrgyzstan Sadyr Zhaparov arrives in Azerbaijan for state visit
- 24.04.2024 [11:30]
Havertz scores 2 as Arsenal routs Chelsea 5-0 to cement Premier League lead
- 24.04.2024 [11:08]
China to launch Shenzhou-18 crewed spaceship on April 25
- 24.04.2024 [10:54]
Azerbaijani oil price exceeds 89 dollars
- 24.04.2024 [10:43]
President Ilham Aliyev: We never forgot about issue of four villages
- 24.04.2024 [00:14]
Azerbaijan, Bahamas Gymnastics Federation embark on cooperation
- 23.04.2024 [15:57]
Slovenia hosts high-level conference of Nizami Ganjavi International Center
- 23.04.2024 [15:18]
Azerbaijan Army’s tanks units hold competition, Defense Ministry VIDEO
- 23.04.2024 [15:02]
Azerbaijan produces over 7 billion kWh of electricity in Q1 2024
- 23.04.2024 [14:43]
Another 39 families relocated to Fuzuli city get house keys VIDEO
- 23.04.2024 [14:01]
Tunisia, Algeria, Libya agree to advance cooperation
- 23.04.2024 [13:59]
Copernicus report shows year of weather extremes in Europe
- 23.04.2024 [13:33]