TODAY.AZ / Business

TAP’s Belgian shareholder reveals volume of investments

06 August 2018 [11:38] - TODAY.AZ

By  Trend

Belgian Fluxys Group, which is one of the shareholders of the Trans Adriatic Pipeline (TAP), envisaging transportation of Azerbaijani gas to Europe, has realized investments in infrastructure for a total of 144.1 million euros in 2017, the company told Trend.

The investments were made in its three main activities (transmission, storage and LNG terminalling), of which 58 percent was dedicated to infrastructure projects in Belgium and 42 percent to infrastructure projects outside Belgium, said Fluxys.

The primary investments made concern the transmission facilities (77.6 million euros, largely relating to the Reverse Flow and EUGAL projects, and the LNG terminalling facilities (64.8 million euros, largely relating to the construction of the fifth tank at the Zeebrugge LNG terminal), according to the company.

"Regarding TAP, we do not communicate about our investments at such level of detail," said Fluxys.

TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU), and has already attracted 1.5 billion euros from the European Investment Bank (EIB), which approved the loan in early February 2018.

Connecting with the Trans-Anatolian Natural Gas 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), Enagas (16 percent) and Axpo (5 percent).


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