“Natural gas consumption in Europe continues to rise. While gas meets 54 percent of energy needs in Italy, it costs around 30 percent more than the European average. Once operational, TAP will diversify supply sources and contribute to a more competitive environment,” reads a message from the consortium.
Moreover, Katerina Mouzouraki, Communications Manager at Trans Adriatic Pipeline AG Greece has said during the Midstream Oil and Gas Congress that TAP is not just a natural gas infrastructure project, but a project implemented with utmost respect for the environment safety and communities hosting the pipeline.
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 (Trans Anatolian Pipeline) 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).