The governments of Greece, Italy and Albania cemented their full support for and commitment to the Trans Adriatic Pipeline (TAP) project by signing a tri-lateral intergovernmental agreement (IGA) in Rome.
Concluded at the Ministry of Foreign Affairs in Athens, the IGA solidifies a range of key commitments by Greece, Italy and Albania to the forward development, construction and operation of the TAP pipeline. Within the framework of the Community Treaties and the Energy Community Treaty, the IGA will ensure that the states cooperate in the timely delivery and efficient operation of the TAP pipeline.
TAP is one of the pipeline projects being developed to transport Shah Deniz gas to Europe and is the only pipeline option that will cross Greece. The Shah Deniz Consortium will make their final selection of the Southern Gas Corridor project to transport Shah Deniz gas by June. The pipeline will bring significant foreign direct investment and jobs associated with the construction of this major pipeline in all three host countries.
The pipeline will transport natural gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and further into Western Europe. The project is aimed at enhancing security of supply as well as diversification of gas supplies for the European markets. TAP will open a new so-called Southern Gas Corridor to Europe and establish a new market outlet for natural gas from the Caspian Sea.
The project is designed to expand transportation capacity from 10-20 Bcm/a. TAP also envisages physical reverse flow of up to 80% and the option to develop natural gas storage facilities in Albania to further ensure security of supply during any operational interruption of gas deliveries.
TAP’s shareholders are Axpo of Switzerland (42.5%), Norway’s Statoil (42.5%) and E.ON Ruhrgas of Germany (15%).