“Of the projects currently under construction, the one with the highest impact on the Greek economy and the country’s energy security is the Trans Adriatic Pipeline. It is through TAP that Greece – via DEPA – will get 1 billion cubic metres/year of natural gas from the Caspian Sea, thereby significantly improving the diversification of its energy supply,” the minister told Greece Investor Guide.
Hatzidakis pointed out that TAP has created thousands of jobs during its construction phase, while also investing tens of millions of euros in several projects that improved lives in the local communities.
“TAP is almost complete, and we are very much looking forward to the commercial commissioning of the pipeline,” he added.
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).
