Total cost of TAP project down

The total cost of the Trans-Adriatic Pipeline (TAP) project has dropped to 4.5 billion euros, said TAP Managing Director Ian Bradshaw.

It was earlier reported that the project’s total cost will be 6.2 billion euros.

The final cost of the project was revealed after signing of all contracts and determining the final cost of the agreements, Bradshaw told the Anadolu Agency.

He pointed out that gas will be delivered to Europe via TAP in 2020.

TAP expects financing from the European Bank for Reconstruction and Development, European Investment Bank, as well as some countries of the Organization for Economic Cooperation and Development, said Bradshaw.

TAP is a part of the Southern Gas Corridor which is one of the priority energy projects for the EU.

TAP project envisages transportation of gas from the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field to the EU countries.

The pipeline will be connected to the Trans-Anatolian Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy's south.

TAP’s shareholders are BP (20 percent), the State Oil Company of Azerbaijan (20 percent), Snam (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent). (trend.az)