S&P: Construction of TAP will affect Albania's economy growth

Baku. 8 August. REPORT.AZ/ The large energy projects, in particular the construction of the Trans-Adriatic Pipeline (TAP) should contribute noticeably to the economic growth in 2017.

Report informs, Standard & Poor's International Rating Agency said in its report on Albania.

S&P affirmed Albania’s rating at B+ in the long run and B in the short run on the basis of expectations about high economic growth rates and further fiscal consolidation, the credit rating agency reported late on August 4. 

Moody’s confirmed Albania’s long-term credit rating as foreign and local currency issuer at B1 with stable outlook.

On June 28, 2013, 'Shah Deniz' Consortium has officially declared selection of the project on TAP project. 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.

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.