Azeri president says investors discussing expansion of TAP gas link

Azerbaijan’s President Ilham Aliyev attends a gathering with Russia’s President Vladimir Putin on the Kremlin in Moscow, Russia, February 22, 2022. Sputnik/Mikhail Klimentyev/Kremlin by way of REUTERS

CERNOBBIO, Italy, Sept 2 (Reuters) – Talks have begun amongst shareholders within the Trans-Adriatic pipeline (TAP) to develop its capability, Azerbaijan’s President Ilham Aliyev stated on Friday, saying fast progress was obligatory for his nation to have the ability to increase fuel exports to Europe.

Azerbaijan owns 20% of TAP with different shareholders comprising BP (BP.L), Snam (SRG.MI), Fluxys (FLUX.BR) and Enagás (ENAG.MC).

“Sure. We already began sensible negotiations,” he stated when requested if an growth was being mentioned.

Talking on the annual Ambrosetti enterprise discussion board on Italy’s Lake Como, Aliyev stated Azerbaijan wanted TAP’s capability to develop to adjust to an accord to double fuel exports to Europe over the following 5 years. learn extra

“With the European Fee we agreed by 2027 to extend the exports of Azerbaijani fuel to Europe two occasions, as much as 20 billion cubic metres. With out the growth of TAP it will not be doable,” he instructed reporters on the sidelines of the convention.

“We should always plan a joint funding undertaking and do it very quickly,” he added.

Aliyev stated Italy had acquired 11.7 billion cubic metres of the general 13.5 billion cubic metres of fuel exported by Azerbaijan within the year-and-a-half because it first began exports to Europe.

He stated fuel exports to Italy would attain practically 10 billion cubic metres this 12 months.

“It’s rather more compared with final 12 months however for extra fuel we have to develop the capability of TAP from 10 to twenty billion cubic metres,” he stated.

Reporting by Valentina Za and Elvira Pollina
Enhancing by Keith Weir

Our Requirements: The Thomson Reuters Belief Ideas.