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Trans-Adriatic Pipeline building in Albania reaches crucial phase

Xinhua, February 7, 2017 Adjust font size:

The building of the Trans-Adriatic Pipeline (TAP) has entered a crucial phase as around 75 percent of the pipes needed for construction in Albania have been delivered, TAP said Monday in a post on its social media accounts.

Meanwhile, general director of TAP in Albania, Shkelqim Bozgo, told local media on Monday that TAP investment here for the year 2017 would be at around 400 million euros (430 million U.S. dollars).

The total value of TAP investments in Albania amount to 1.5 billion euros.

The pipeline is the biggest project realized in the Albanian economy, Bozgo stated.

Actually, Albanian authorities have considered the TAP project as very important, as its investment to Albania is deemed equal to 4.0 percent of the country's gross domestic product.

And given that the largest share of the TAP will be executed in 2017, financial institutions estimate that the foreign direct investment (FDI) inflow in Albania will see a huge growth in 2017, local media said.

Albania managed to renegotiate its agreement with TAP in December 2016 in order to benefit from more financial support and assistance.

The TAP will be 878 km in length, 215 km of which is to pass through Albania, 550 km through Greece, 105 km through Adriatic Sea, and 8 km through Italy. Its highest point will be 1,800 meters in the mountains of Albania, while its lowest point will be 820 meters beneath the sea, TAP data showed. Endit