TAP of great importance in energy diversification
Baku. The Trans-Adriatic Pipeline (TAP) plays a big role in diversifying energy supplies, Deputy Foreign Minister of Italy Guglielmo Picchi said at a meeting with Azerbaijani Energy Minister Parviz Shahbazov, Trend reports with reference to the Energy Ministry.
Picchi noted the importance of the Southern Gas Corridor (SGC) for both Azerbaijan and Italy.
Shahbazov, in turn, stressed the important role of the energy sector in the economic partnership with Italy and touched upon the advantages of the TAP project for Italian consumers. The minister also noted that the two countries successfully cooperate in all spheres.
Speaking about the activities of Italian companies in Azerbaijan, the minister said that they have expanded their activities in the country and have the opportunity to participate in the process of diversifying the economy.
TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU). The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.
The project is currently in its construction phase, which started in 2016. Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.
TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).