For first time in history, Azerbaijan’s natural gas reaches European market through direct pipeline connection, SOCAR says
The Trans Adriatic Gas Pipeline (TAP) started the transport of commercial gas from Azerbaijan to Europe, SOCAR announced on Twitter on Thursday.
“For the first time in history, Azerbaijan’s natural gas reached the European market through a direct pipeline connection,” the company said.
TAP transports natural gas from the Shah Deniz field in the Azerbaijan sector of the Caspian Sea to Europe.
The last segment and the European leg of the Southern Gas Corridor,TAP was completed in October after a construction period of four and half years.
The $40 billion value chain of the Southern Gas Corridor includes the South Caucasus Pipeline, the Trans-Anatolian Natural Gas Pipeline (TANAP) and TAP.
The pipeline connects with the 878-kilometer-long TANAP at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
The project, which is regarded as playing a significant role in Europe’s energy security and diversification, secured $3.9 billion in financing from international financial institutions.
Shareholders include BP, SOCAR and Snam each with a 20% share interest, along with Fluxys with a 19% interest, Enagas with a 16% shareholding and Axpo with 5%, and all of whom agreed to a resolution on the development and construction of the project at the end of 2013.