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Greece to Get Over 2B euros in Investment within TAP Project

Greece to Get Over 2B euros in Investment within TAP Project

Greece will receive about 2.3 billion euros of direct investment within the Trans Adriatic Pipeline (TAP) construction project, Greek media reported citing SOCAR Energy Greece’s Head Anar Mammadov as saying.

The head of SOCAR Energy Greece, a Greek subsidiary of Azerbaijani state oil company SOCAR, said 8,000 temporary and 2,000 permanent jobs have been opened.

Mammadov also said the Southern Gas Corridor, which includes the TAP, is one of the largest and technically complex projects in the world.

Gas from Azerbaijan’s Shah Deniz field, which is currently being expanded within the Stage 2, will be exported via the Southern Gas Corridor, he added.

“More than 70 percent of the work within the Stage 2 of the Shah Deniz field’s development has been completed,” said Mammadov.

TANAP and TAP pipelines are an integral part of the Southern Gas Corridor project to deliver gas as part of the Stage 2 of development of Azerbaijan’s Shah Deniz field to Europe. Other sources can connect to this project at a later stage.

TANAP project envisages transporting gas from Azerbaijani Shah Deniz field from the Georgian-Turkish border to the western border of Turkey. The gas will reach Turkey in 2018, and after the completion of the TAP construction, the gas will reach Europe around early 2020.

The initial capacity of TAP will be 10 billion cubic meters of gas per year, which can be expanded to 20 billion cubic meters.

Source: Trend News Agency