ECONOMY


Italian Snam to invest 270m euros in TAP

Baku, March 8, AZERTAC

Italian natural gas firm Snam has revealed plans to invest 270 million euros in the Trans Adriatic Pipeline (TAP) project.

Snam`s 2017-2021 Plan says that company will invest 5 billion euros to further develop the Italian gas network, of which 4.7 billion euros will be deployed to further develop the Italian gas network and its interconnection with the European infrastructure system and 270 million euros will be invested in TAP, thus enhancing the security, flexibility and liquidity of the overall gas system.

Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3500-kilometre long gas value chain stretching from the Caspian Sea to Europe.

TAP will be 878 kilometers in length (Greece 550 km, Albania 215 km, Adriatic Sea 105 km, and Italy 8 km). Its highest point will be 1,800 meters in Albania’s mountains, while its lowest point will be 820 meters beneath the sea.

The shareholders of the project are BP, State Oil Company of Azerbaijan, Snam, Fluxys, Enagas and Axpo.

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