2.8 bln EUR spent for Trans-Adriatic Pipeline

Baku. 4 April. REPORT.AZ/ As of March this year, 2.8 bln EUR has been spent to the Trans-Adriatic Pipeline (TAP), built to transport Azerbaijani gas to Europe.

Report was informed in the “Southern Gas Corridor” CJSC.

Total cost of TAP is 4.5 bln EUR.

The funds allocated as per date to finance Azerbaijan’s share in the project made $ 670 mln.

Notably, TAP, which is a part of Southern Gas Corridor project, will initially transport annual 10 bln cubic meters of the gas produced within 'Shah Deniz 2' project, to Europe. This pipeline will join TANAP (Trans Anatolian) pipeline in Kipoi territory on Turkey-Greece border and cross Greece, Albania and the Adriatic Sea before going onshore in southern Italy.

After reviewing various selection options during two years, on June 28, 2013, 'Shah Deniz' Consortium has officially declared selection of the TAP project. The pipeline is 878 kilometers long, 550 km of which will cover Greece, 215 Albania, 105 Adriatic Sea and 8 km Southern Italy. Highest point of the pipeline will be in the mountains of Albania (1 800 meters), the lower part (-820 meters) beneath the sea.

TAP's groundbreaking ceremony was held in Thessaloniki, Greece on May 17, 2016. Azerbaijani gas will be delivered to Europe in 2020.

BP (20%), SOCAR (20%), 'Snam S.p.A.' (20%), 'Fluxys' (19%), 'Enagas' (16%) and 'Axpo' (5%) companies acting as TAP shareholders.