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Azerbaijani president says investors are discussing expansion of TAP gas link

Azerbaijani President Ilham Aliyev attends a meeting with Russian President Vladimir Putin at the Kremlin in Moscow, Russia February 22, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

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CERNOBBIO, Italy, September 2 (Reuters) – Talks have started between shareholders of the Trans-Adriatic Gas Pipeline (TAP) to increase its capacity, Azerbaijani President Ilham Aliyev said on Friday, saying rapid progress was needed for his country to accelerate gas exports to Europe.

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

“Yes. We have already started practical negotiations,” he said when asked if an expansion was being discussed.

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Speaking at Ambrosetti’s annual business forum on Italy’s Lake Como, Aliyev said Azerbaijan needed TAP’s growth capacity to comply with a deal to double gas exports to the country. Europe over the next five years. Read more

“With the European Commission, we have agreed by 2027 to double Azerbaijani gas exports to Europe, up to 20 billion cubic meters. Without the expansion of TAP, this will not be possible”, a- he told reporters on the sidelines of the conference. .

“We should plan a joint investment project and do it very soon,” he added.

Aliyev said Italy had received 11.7 billion cubic meters of the 13.5 billion cubic meters of gas exported by Azerbaijan in the year and a half since exports to Europe began. .

He said gas exports to Italy would reach nearly 10 billion cubic meters this year.

“It’s a lot more compared to last year, but for more gas, we need to expand TAP’s capacity from 10 to 20 billion cubic meters,” he said.

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Reporting by Valentina Za and Elvira Pollina Editing by Keith Weir

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