ECONOMY
TAP Managing Director: Trans Adriatic Pipeline is of vital importance to South-Eastern European countries
![TAP Managing Director: Trans Adriatic Pipeline is of vital importance to South-Eastern European countries](/files/2020/1/1200x630/15804034576240927652_1200x630.jpg)
Baku, January 30, AZERTAC
The Trans Adriatic Pipeline (TAP) that will deliver Azerbaijani gas to Europe is of great importance to South-Eastern European countries where energy consumption is overly reliant on heavy fossil fuels, TAP Managing Director Luca Schieppati said at the 13th Annual European Gas Conference held in Vienna, Austria.
“Via connections with the Interconnector Greece-Bulgaria (IGB) and potentially the Ionian Adriatic Pipeline (IAP), TAP pipeline can supply additional 10 billion cubic meters of gas per year in the future. TAP continues to progress on schedule, the project is more than 91 percent complete. Saipem's pipe-laying vessel Castoro 6 is in Italy and will shortly start laying pipes across the Adriatic Sea, to depths of around 800 meters,” he added.
The Southern Gas Corridor envisages the transportation of gas to Turkey and Europe through the pipeline, which will be operated within the second stage of the Shah Deniz gas condensate field project in the Azerbaijani sector of the Caspian Sea.
The Southern Gas Corridor consists of four projects: Shah Deniz 2, Expansion of South Caucasus Pipeline (Baku-Tbilisi-Erzurum), the Trans Anatolian Pipeline (TANAP) and Trans Adriatic Pipeline (TAP). The projects have an estimated investment cost of approximately $40 billion.
The inauguration ceremony of Southern Gas Corridor held at the Sangachal Terminal on 29 May 2018.
TAP is the European section of the Southern Gas Corridor, enhancing Europe’s energy security and contributing to decarbonisation and the diversification of gas supplies. The Trans Adriatic Pipeline (TAP) will transport Caspian natural gas from the Shah Deniz 2 field to Europe.
TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).