Managing director: TAP is one of most ambitious projects in oil and gas industry

The Trans Adriatic Pipeline (TAP) is one of the most ambitious projects in the oil and gas industry as it will transport natural gas from Azerbaijan’s giant Shah Deniz 2 in the Caspian Sea to Europe, Luca Schieppati, TAP Managing Director, said, Trend reports citing Independent Balkan News Agency.

At the same time, he reminded about the consortium's decision to proceed with the open call for interest in order for the TAP pipeline to be able to carry even larger quantities of natural gas in the coming years, increasing its capacity.

From 2020, TAP plans to transfer approximately 10 billion cubic meters of gas per year in the first phase, while the pipeline can double its capacity, to meet the increasing gas demand in Europe in the future.

"This is a great opportunity for additional sources of gas supply, which will reach the European markets, supporting the transition to a cleaner energy mix," said Luca Schieppati.

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

Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

The project is currently in its construction phase, which started in 2016.

Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.

TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).