The Trans Adriatic Pipeline (TAP) project will strengthen the energy security of Italy and entire Europe, said Managing Director at TAP Luca Schieppati at an energy conference.
“TAP will open a new source of supply to Italy,” added the managing director.
Considering that Italy’s contracts for supply of 35 billion cubic meters of gas will expire by 2020, the transportation of Azerbaijani gas to the country will strengthen the country’s energy security, he noted.
The gas pipeline will also help Italy to achieve decarbonization goals, Schieppati said.
He further talked about the progress of implementation of TAP project in Italy, Greece and Albania.
Schieppati noted that 473 km and 162 km of pipes needed for construction of TAP in Greece and Albania, respectively have already been laid.
Moreover, 457 km and 156 km of pipes have been welded in TAP’s route in Greece and Albania, respectively, he added.
As for Italy, TAP managing director said that preparation of the construction site area for the micro tunnel has already been completed.
TAP worth 4.5 billion euros 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.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
The European Bank for Reconstruction and Development (EBRD) is considering allocation of 500 million euros loan for TAP project. Aside from EBRD, the European Investment Bank (EIB) will also discuss the allocation of 1.5 billion euros loan for TAP in February.
Follow us on Twitter @AzerNewsAz