"In the face of an increased need for import and supply contracts for 35 billion cubic meters due to expire, the arrival of gas via TAP strengthens the security of supply and also has positive effect on the price,” he said.
Sempio went on to add that world energy demand grew by 2.3 percent last year, its fastest pace in this decade.
The gas demand recorded the greatest increases: +45 percent of the increase in the balance of world energy consumption, he added.
"Italy and Europe have embarked on the decarbonization process. Gas will play an increasing role in this process,” said Sempio.
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).