Italy’s Snam natural gas infrastructure company will invest 270 million euros in the Trans Adriatic Pipeline (TAP) project, according to the company’s 2017-2021 Plan.
The company reported that over the 2017-2021 period, Snam will invest 5 billion euros, of which 4.7 billion euros will be deployed to further develop the Italian gas network and its interconnection with the European infrastructure system and 270 million euros will be invested in TAP, thus enhancing the security, flexibility and liquidity of the overall gas system.
Snam CEO Marco Alvera previously said that a 50 million euro contract has been awarded by TAP AG to Snam to support TAP on the offshore and onshore section in Italy.
This contract will allow Snam to exploit its capabilities to secure first gas from TAP on time and in line with the budget, according to the message.
TAP is a part of the Southern Gas Corridor which is one of the priority energy projects for the European Union.
TAP project envisages transportation of gas from the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field to the EU countries.
The pipeline will be connected 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 km, Albania 215 km, Adriatic Sea 105 km, and Italy 8 km). Its highest point will be 1,800 meters in Albania’s mountains, while its lowest point will be 820 meters beneath the sea.