40% foreign investment in Albania accounts for TAP

Baku. 4 April. REPORT.AZ/ In the framework of implementation of the Trans-Adriatic Pipeline (TAP) project, amount of the investments in Albania in 2016 made 40% of direct foreign investment in the country.

Report informs citing Central Bank of Albania, amount of foreign investment made 983 mln EUR in 2016, which is a record high. Direct foreign investment in the economy of Albania last year increased by 10% compared to the previous year.

The highest rate of foreign investment in Albania was recorded in the third quarter. During the quarter, amount of direct foreign investment was equal to 303 mln EUR.

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.

The pipeline is 878 kilometers long, which 550 km 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.

Construction of TAP section in Albania launched in 2016. Amount of TAP total investment in Albania is considered 1.5 billion EUR. This year, 400-450 mln EUR is planned to be invested in the Albanian economy in the framework of TAP.