BAKU, Azerbaijan, Feb.21. In 2023 the Trans Adriatic Pipeline (TAP) will contribute dividends to Spanish Enagas amounting to around 70 million euros, Trend reports referring to the company.
On 27 January 2023, Enagas agreed with Swiss AXPO to acquire a 4 percent stake in TAP for 168 million euros, giving the company a 20 percent stake in the company
Enagas’ net profit at 31 December amounted to 375.8 million euros, exceeding the target set for 2022.
The company's total revenues as at 31 December 2022 amounted to 970.3 million euros, 2.1 percent lower than in 2021.
TAP transports natural gas from the giant Shah Deniz field in the Azerbaijani sector of the Caspian Sea to Europe. The 878 km long pipeline connects with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
TAP facilitates gas supplies to South Eastern European countries through existing and prospective interconnectors. TAP is connected to Interconnector Greece Bulgaria (IGB) which started its commercial operations in October 2022, providing Caspian gas to Bulgaria, enhancing security of energy supplies in one more European country. TAP’s exits in Greece and Albania, together with the landfall in Italy provide multiple opportunities for further transport of gas from Azerbaijan to the wider European markets.