Debt-stricken Greece has renewed its support for the Trans-Adriatic Pipeline (TAP) which could improve the pipeline’s chances of winning a long contest against Nabucco West, also competing for transporting Azeri gas to the EU.
TAP will bring €1.5bn of foreign direct investment and 2,000 jobs in Greece, according to the consortium that unites Swiss EGL (42.5%), Norway’s Statoil (42.5%) and Germany’s E.ON Ruhrgas (15%).
TAP is one of two potential pipelines short-listed by the Azeri Shah Deniz II gas consortium, led by BP and Statoil, to carry Azeri gas to the EU. TAP will transport gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and further into Western Europe.
The project, which is designed to expand transportation capacity from 10-20 Bcm/y, envisages physical reverse flow of up to 80% and the option to develop gas storage facilities in Albania to further ensure security of supply during any operational interruption of gas deliveries.