Azerbaijan is open to Italian gas infrastructure group Snam taking a stake in the project to build the Trans Adriatic Pipeline (TAP) that will carry gas from Azerbaijan to Europe , President Ilham Aliyev said .”Why not? If someone would allocate its shares to other companies I don’t see any problems,” Aliyev said when asked about Snam’s possible investment in TAP.
Italy has offered the use of its existing infrastructure for transporting Azerbaijani gas to energy-hungry Europe.Azerbaijan’s State Oil Company SOCAR and the Italian company Snam inked a memorandum of cooperation to assess initiatives put forth for the development of the Southern Gas Corridor .
The document was signed by SOCAR President Rovnag Abdullayev and Snam CEO Carlo Malacarne in Baku on September 23, SOCAR reported.
The memorandum envisages the exchange of information and a thorough evaluation of the various proposed projects.
italy has become the biggest trade partner of Azerbaijan in importing crude oil and oil products. Italy mainly exports tobacco, leather, furniture, and pipes for the oil sector to Azerbaijan.
Italian business circles invest large sums of money and take part in a number of international projects.The country expects to produce 40 million tonnes of oil and 30 billion cubic meters (bcm) of gas in 2016, thus remaining on 2015 levels.
The head of SOCAR told that about 20 thousand people are presently involved in the SGC project. He explained that now they are working to expand the pipeline. Compressor stations are being created in Georgia. Turkey has started welding works at the construction of Trans-Anatolian Pipeline (TANAP), pipes are actively being supplied there. In addition, despite some of the political difficulties, Europe has started work on construction of the Trans Adriatic Pipeline (TAP).