EIB Approves $1.85 Bln Loan to TAP Gas Pipline
The European Investment Bank on Tuesday approved a 1.5 billion euro ($1.85bln) loan for the Trans-Adriatic Pipeline (TAP) to bring new gas supplies to Europe and reduce dependence on Russia, a spokesman for the EIB told Reuters. TAP, the end piece of the $40 billion Southern Gas Corridor, is slated to bring up to 10 billion cubic metres of gas from the giant Azeri Shah Deniz II field to Italy by 2020, crossing Georgia, Turkey, Greece, Albania and the Adriatic Sea.
$500 Mln Loan Approved for TANAP Gas Pipeline Project
The board of the European Bank for Reconstruction and Development (EBRD) has approved a $500 million loan for the Trans-Anatolian Natural Gas Pipeline (TANAP), the largest part of a $40 billion project to bring new gas supplies to Europe. The so-called Southern Gas Corridor is expected to bring around 16 billion cubic metres per year to Europe by 2020 from the Shah Deniz 2 field in Azerbaijan via TANAP through Turkey…
Gastrade Signs LNG Deal with State-owned DEPA
Greece's state controlled natural gas firm DEPA signed a cooperation agreement on Thursday with natural gas company Gastrade to participate in the development of a liquified natural gas terminal in northern Greece, DEPA said. Greece currently has one LNG terminal on an islet off Athens. Gastrade, part of Greek energy group Copelouzos, is planning a second LNG terminal near the northern city of Alexandroupolis.
TAP Pipeline Appoints New Country Manager for Greece
Trans Adriatic Pipeline (TAP), the end piece of the $40 billion Southern Gas Corridor, has appointed a new country manager for Greece, it said on Wednesday. TAP, which will bring Azeri gas into Europe by 2020 via Greece and Albania, said Katerina Papalexandri will take over from Rikard Scoufias on Sept. Papalexandri previously worked for BP, where she has held numerous senior positions since 1998, including senior commercial manager for the Southern Gas Corridor.
Italy Court Revokes Order Halting Work on TAP Pipeline
An Italian court has revoked an order that had halted work to remove olive trees from the pathway of a strategic pipeline that will bring central Asian gas into Europe, a lawyer involved in the case said on Thursday. The decision paves the way for work to restart on the Trans Adriatic Pipeline (TAP) which is slated to bring 10 billion cubic metres of gas from Azerbaijan into the small Italian seaside town of San Foca in Apulia by 2020.
Snam Lifts Spending to Boost Profit
Italian gas company Snam expects to grow net profit by 4 percent each year over the next five years, boosted by cost savings and increased investment in its latest plan. Europe's biggest gas pipeline operator said it would spend five billion euros ($5.30 billion) in the period to 2021, nearly all to upgrade its domestic grid and improve connections with Europe, including the Trans Adriatic Pipeline bringing Azeri gas to Italy in 2020.
Gazprom eyes Rival TAP Pipeline
TAP aims to reduce EU dependence on Russian gas, but Gazprom could gain access via open auction. Gazprom's bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the east Mediterranean. As the European Union struggles against the "iron embrace" of Russian pipelines, it has made opening a new Southern Gas Corridor to carry gas from Azerbaijan by 2020 a priority.
Snam Working on Refinancing as Part of Italgas Spinoff
Italy's Snam, one of Europe's biggest gas pipeline operators, is looking to lift about 4 billion euros ($4.5 billion) off its balance sheet as part of plans to spin off its domestic gas business, sources familiar with the matter said. In a refinancing to be carried out by a dozen or so banks, the debt would end up with Snam's Italgas unit, which will be spun off by distributing Italgas shares to Snam investors and listing them…
Bulgaria, Greece to Consider Greek LNG terminal
Bulgarian state energy holding company BEH and Greek natural gas company Gastrade have set up a joint task force to prepare a proposal to build an off-shore liquefied natural gas (LNG) terminal in northern Greece, Gastrade said on Tuesday. Greece currently has one LNG terminal on an islet off Athens and Gastrade, part of Greek energy group Copelouzos, is planning a second LNG terminal near the northern city of Alexandroupolis.
Greece, Partners Sign off Trans-Adriatic Pipeline to Widen Gas Supply
Five countries in south-east Europe formally signed off on the construction of a pipeline which will transport Caspian gas to European markets in an attempt to ease their reliance on Russia. The 870-km (540-mile) Trans-Adriatic Pipeline (TAP) is part of the so-called "Southern Corridor" that will link Azerbaijan's giant Shah Deniz II field with Italy, crossing through Georgia, Turkey, Greece, Albania and the Adriatic Sea.
Azerbaijan's SOCAR Still Looking to Divest Greek Gas Grid Stake
Azerbaijan's state energy firm SOCAR is still looking for an investor to divest a stake in Greece's natural gas grid operator DESFA, a key condition to conclude the acquisition of the Greek company, Greece's energy minister said on Wednesday. SOCAR clinched a deal in 2013 to buy a 66 percent stake in DESFA for 400 million euros ($448 million) but the company was looking to divest…
Greece Says Has Nine Gas Transport Offers for Greek-Bulgarian Pipeline
Greece's state natural gas company DEPA has received nine expressions of interest to transport gas within a Greek-Bulgarian natural gas pipeline scheme, it said on Wednesday. Bulgaria and Greece signed last year a final investment agreement to build a natural gas pipeline, the Interconnector Greece-Bulgaria (IGB). That project and the Trans-Adriatic Pipeline (TAP), another pipeline scheme which will take natural gas from Azerbaijan to Europe…
Saipem Wins Contract to Build TAP Offshore Pipeline
Italian oil service company Saipem has won a contract to lay the offshore tract of the Trans Adriatic Pipeline (TAP) that will transport Azeri gas into Italy, TAP said on Thursday. TAP gave no financial details. The 105-kilometer pipeline will run from Albania to southern Italy at a maximum depth of 820 metres below the sea. (Reporting by Stephen Jewkes)
Statoil to Divest Interest in Trans Adriatic Pipeline
Following the divestment of its share in the Shah Deniz gas field in Azerbaijan, Statoil has agreed to sell its 20% interest in Trans Adriatic Pipeline AG to the Italian gas infrastructure company Snam SpA for a total consideration of EUR 208 million. The total consideration will be adjusted at closing. “We are pleased to announce this agreement with Snam which will realise value from our stake in TAP, of which we have been a part-owner since 2008.
Technip Bags Trans Adriatic Pipeline's PMC Contract
Technip has been awarded by TAP* a Project Management Consultancy (PMC) Services contract, for a project designed to transport gas from the Shah Deniz field to the European market. TAP project scope includes an approximately 870 kilometer long pipeline, which will start from the tie-in with the TANAP** portion of the Southern Gas Corridor project, at the Greece/Turkey border. The pipeline will then go through Greece and Albania…
European States Agree to Boost Gas Links, Reduce Reliance on Russia
Fifteen countries from central, eastern and southeast Europe signed a deal on Friday to speed up the building of gas links, improve security of supply, reduce their reliance on Russia and develop a fully integrated energy market. "The improvement of infrastructure through realistic and feasible projects is crucial to diversify energy resources and strengthen the region's resilience to supply shocks," European Commission Vice President Maros Sefcovic said in a statement.
Snam Considers 20 pct Stake in TAP Pipeline
Italian gas infrastructure company Snam could take a stake of up to 20 percent in the project to build the Trans Adriatic Pipeline (TAP) that will carry gas from Azerbaijan to Europe, its chief executive said on Thursday. CEO Carlo Malacarne said that as gas buyers are signing binding, long-term ship-or-pay contracts for the Azeri gas, the transmission revenue is guaranteed, which opens the way for regulated infrastructure players like Snam to enter the project.
Italy Gives Final Go Ahead for TAP Gas Pipeline Build
Italy signed a decree on Wednesday authorising the construction of the Trans Adriatic Pipeline (TAP) that will carry gas from Azerbaijan to Europe, the Industry Ministry said. Work on the pipeline will start before May 16 next year and it will be completed and ready for use before the end of 2020, the ministry said in a statement. The decree is the final step in a complex permitting process.
Greece to Seek Benefits from TAP Gas Pipeline
Greece is seeking to secure benefits from the Trans-Adriatic Pipeline (TAP) which is set to bring gas from Azerbaijan to Europe, the Greek energy minister said on Wednesday. TAP is the largest project underway to bring new supplies to European buyers after Russia shelved plans in December to build its South Stream gas pipeline to southern Europe. The 870-km (540-mile) pipeline will link Azerbaijan's giant Shah Deniz II field with Italy…
US Urges Greece to Resist Russian Gas Pipeline
The United States wants Greece to focus on a Western-backed pipeline project rather than a rival gas pipeline that Athens is discussing with Russia, the top U.S. energy diplomat said on Friday after talks with Greek officials. Cash-strapped Greece has been making overtures to Russia since a leftist government took power in January. Athens says Moscow is considering paying it in…
