TAP project more than 50% complete – shareholder

More than 50 percent of the Trans Adriatic Pipeline (TAP) project, envisaging the transportation of Azerbaijani gas to Europe, is now complete, a source in Axpo Holding AG, headquartered in Switzerland, told Trend.

A source in Axpocompany, which holds a 5 percent share in TAP, said that the project remains on track and on schedule to transport gas from Azerbaijan’s Shah Deniz field in 2020.

"We are pleased with the project’s progress – being more than 50 percent complete and in accordance with schedule," said the source.

Axpo is preparing for its role as shipper and buyer/offtaker of Azerbaijani gas from 2020 – setting up operating and allocation agreements, booking capacity in the Italian gas network, arranging trading processes etc, added the source.

The TAP is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.

The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.

The TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).

The TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), SnamS.p.A. (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent). (Trend.az)