Enagas Completes Purchase Of Additional Share In Tap

(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 27. Spanish Enagas company has completed the purchase of additional share of the Trans Adriatic Pipeline (TAP), Trend reports.

The company said on July 25, 2023, the purchase of an additional 4 oercent of TAP was closed, for an amount of 168 million euros. The total stake in TAP is 20 percent.

In January this year Enagas has agreed with the Swiss company Axpo to purchase a 4 percent stake in Trans Adriatic Pipeline for 168 million euros, percentage that is added to the 16 percent that the company already owns in TAP. With this operation, Enagas reinforces the fulfilment of the objective announced in the presentation of its 2022-2030 Strategic Plan to contribute to reinforcing the security of energy supply and decarbonization in Europe.

TAP transports natural gas from the giant Shah Deniz field in the Azerbaijani sector of the Caspian Sea to Europe. The 878 km long pipeline connects with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP facilitates gas supplies to South Eastern European countries through existing and prospective interconnectors. TAP is connected to Interconnector Greece Bulgaria (IGB) which started its commercial operations in October 2022, providing Caspian gas to Bulgaria, enhancing security of energy supplies in one more European country. TAP's exits in Greece and Albania, together with the landfall in Italy provide multiple opportunities for further transport of gas from Azerbaijan to the wider European markets.

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