The Trans Adriatic Pipeline (TAP) project—the last pipeline link required for Azerbaijan to meet its ambition of exporting natural gas to the European Union—has started introducing its first gas into the Albanian section of the pipeline, according to Azerbaijani media reports.
A four-kilometre pipeline section running from the Albanian-Greek border and the TAP metering station in Bilisht, southeastern Albania, received the gas on May 20, according to Azertac.
The €4.5bn project will enable gas flows to reach southern Italy via a route that stretches from the Turkish border, across Greece and Albania and the Adriatic Sea.
Prior to that, gas from Azerbaijan's Shah Deniz II development in the Caspian Sea is to flow through Southern Gas Corridor (SCG) pipelines to Turkey via Georgia.
The latest project update from TAP is that gas from Azerbaijan should reach Italy via its pipeline before the end of this year.
TAP’s shareholders are BP (20%), Socar (20%), Snam (20 %), Fluxys (19%), Enagas (16%) and Axpo (5%).
The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more
EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more
Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year. The most ... more