Europe’s Glutted Gas Market Braces for More Flows From Caspian
- BP and Azerbaijan’s state oil company finish TAP pipeline
- Link opens a corridor for gas flows into southern Europe
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Europe’s glutted natural gas markets are about to get a fresh source of supply after BP Plc and its partners finished a major new pipeline from Azerbaijan into southern Europe.
The Trans Adriatic Pipeline, or TAP, project is “substantially complete” 4 1/2 years after construction started on the 878-kilometer link, the group developing the project said on Tuesday. The partners that invested 4.5 billion euros ($5.3 billion) are now preparing for commercial operations and offering capacity to buyers.