TAP can help reduce gas cost for Italian families
Baku, Azerbaijan. The implementation of the Trans Adriatic Pipeline (TAP), which envisages transportation of Azerbaijani gas to Europe, can help to reduce the cost of gas for Italian families, said TAP Managing Director Luca Schieppati.
“Italian families pay 19 percent more for natural gas than European families. TAP, which represents around 12 percent of Italian gas demand, can help reduce this gap”, he said, according to a message from TAP AG consortium.
Schieppati added that more gas means more competitiveness and reduced costs.
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), inform Trend.
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.