TAP accounts for major part of energy investments in Albania

  12 January 2018    Read: 496
TAP accounts for major part of energy investments in Albania

Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe, has accounted for the major part of foreign investments in Albania’s energy sphere in the third quarter of 2017, according to the report released by the Bank of Albania.

More than 90 percent of foreign investments in Albania were made in three main sectors such as energy, finance and extractive industry during the reporting period, the data shows.

Energy sphere dominated the quarterly inflow of foreign investments, mainly as a result of the investments in Albania for construction of TAP, said the report from the Bank of Albania.

Energy investments accounted for 193 million euros or around 65 percent of the investment flow in Albania in the third quarter of 2017, according to the report.

TAP worth 4.5 billion euros is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.

The pipeline will connect 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 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).

TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

The European Bank for Reconstruction and Development (EBRD) is considering allocation of 500 million euros loan for TAP project. Aside from EBRD, the European Investment Bank (EIB) will also discuss the allocation of 1.5 billion euros loan for TAP in February.

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