€2b to be invested in Greece within TAP project Investment
€2b to be invested in Greece within TAP project
About €2.3 billion of direct investment will be made in Greece within the construction project of Trans Adriatic Pipeline (TAP), Greek media reported citing SOCAR Energy Greece’s Head Anar Mammadov as saying on June 24.
Head of SOCAR Energy Greece, a Greek subsidiary of Azerbaijani state oil company SOCAR, noted that 8,000 temporary and 2,000 permanent jobs have been opened.
The Southern Gas Corridor (SGC), which includes TAP pipeline, is one of the largest and technically complex projects in the world, said Mammadov, reminding that gas from Azerbaijan’s Shah Deniz field, which is currently being expanded within the Phase 2, will be exported via this pipeline network.
Other sources can be connected to this project at a later stage as well.
He went on saying that more than 70 percent of the work within the Phase 2 of the Shah Deniz field’s development has been completed.
The cost of TAP project amounts to €6.2 billion. Its initial capacity will be 10 billion cubic meters of gas per year, which can be expanded to 20 billion cubic meters.
TANAP and TAP pipelines are an integral part of the SGC project which envisages delivering natural gas from Azerbaijan’s section of the Caspian Sea to Europe.
TANAP will pass through Turkey to join TAP pipeline in the Greece border which will cross Greece, Albania and southern part of Italy.
First gas delivery to Georgia and Turkey is targeted for late 2018. Gas deliveries to Europe are expected a year after first gas is produced in offshore Azerbaijan – early 2020.
The SGC is one of the priority energy projects for the EU. The realization of this pipeline project will contribute to enhancing the EU’s energy security and diversification of its gas supply routes.
The SGC is one of the biggest construction projects of our times with a value of $40 billion.
Overall, 30,000 jobs will be created with the implementation of the Southern Gas Corridor project, earlier said Azerbaijan’s Energy Minister Natig Aliyev, adding that the project cost is about $40 billion.