Senior TAP management, together with the company’s shareholders’ representatives, and TAP’s financial and legal advisers, Société Générale and Allen & Overy, emphasised the robust project rationale, provided an update on recent progress and introduced the project financing schedule.
Ian Bradshaw, Managing Director at TAP, said: “Energy projects such as TAP remain reliable, long-term commercial investments and I am very pleased with the level of interest shown in supporting the TAP project. A highly strategic energy infrastructure for the European Union, TAP is recognised as a Project of Common Interest (PCI) and endorsed by the governments of our host countries: Greece, Albania and Italy.”
About the Trans Adriatic Pipeline (TAP)
TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 878 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
TAP’s routing can facilitate gas supply to several South Eastern European countries, including Bulgaria, Albania, Bosnia and Herzegovina, Montenegro, Croatia and others. TAP’s landfall in Italy provides multiple opportunities for further transport of Caspian natural gas to some of the largest European markets such as Germany, France, the UK, Switzerland and Austria.
TAP will promote the economic development and job creation along the pipeline route; it will be a major source of foreign direct investment and it is not dependent on grants or subsidies. With first gas sales to Georgia and Turkey targeted for late 2018, first deliveries to Europe will follow approximately in early 2020.
TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Snam S.p.A. (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
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