Gas pipeline gets billions in subsidies from EIB

The European Investment Bank has approved EUR 1.5 billion in financing for the Trans-Adriatic Pipeline.

Photo: Statoil

From Azerbaijan to Turkey and through Greece and Albania, crossing the Adriatic Sea to San Foca in Southern Italy where it will be connected to the Italian gas grid and sent on to Europe.

These are the plans for the Trans-Adriatic Pipeline, TAP, which will begin in the giant gas field Shah Deniz in the Caspian Sea. The European Investment Bank has now approved financing of EUR 1.5 billion for the project, which is part of the Southern Gas Corridor, nominated by the EU as an "EU Common Interest" project.

There are six companies behind the 878 km long pipeline. BP (20 percent), SOCAR (20 pct.), Snam, (20 pct.), Fluxys (19 pct.), Enagás (16 pct.) og Axpo (5 pct.)

Meanwhile, the construction of TAP began in 2016 and it is expected that the first gas from the Shah Deniz field to Europe will be delivered over 2019.

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