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TAP to inject over 400 mln euros into Albanian economy in 2017

Xinhua, January 25, 2017 Adjust font size:

The Trans-Adriatic Pipeline (TAP) project is expected to have a major impact on the Albanian economy this year as the value of TAP investments during 2017 will be 400 to 450 million euros (430 to 484 million U.S. dollars), local media said Tuesday, citing TAP representatives here.

This is considered to be the highest amount for the construction stage, media cited TAP manager in Albania Shkelqim Bozgo as saying in an interview for Monitor Magazine.

The TAP project puts Albania on the European energy map for the first time, increasing the country's geo-strategic importance as well as assisting Albania in its trade integration in the European Union (EU), Bozgo said.

According to him, TAP will continue to play a crucial role in the Albanian economy while construction and service sectors will be the main beneficiaries.

The value expected to be invested by TAP is equal to half of the total annual foreign direct investments (FDI) to Albania.

This is related to the fact that the most important part of the project will be constructed during 2017, TAP Albania has informed.

Meanwhile, international financial institutions and Albanian experts said TAP was one of the main elements that increased FDIs to the country.

The expected works this year include the construction of the compressor station in the Fier area, as well as the start of work on the eastern sector in the Korca area where the pipeline reaches its highest altitude -- 1,800 meters above sea level.

Moreover, some 120 km of roads will be built in the remotest southern areas and other projects with social impact will be implemented.

On the other hand, the total value of TAP investment in Albania is an estimated 1.5 billion euros while the entire project is expected to cost 6.2 billion euros. Endit