Trans Adriatic Pipeline confirms Resolution to Construct following the Final Investment Decision by the Shah Deniz Consortium

Photo: Trans Adriatic Pipeline confirms Resolution to Construct following the Final Investment Decision by the Shah Deniz Consortium / Oil&Gas

Baku, Azerbaijan, Dec. 17

By Aygun Badalova - Trend:

The Trans Adriatic Pipeline's shareholders (SOCAR, Statoil, BP, Fluxys, Total, E.ON and Axpo) confirmed today that they have passed the Resolution to Construct on the development and construction of the Trans Adriatic Pipeline project. This follows the announcement earlier today by the Shah Deniz Consortium that it has taken the Final Investment Decision on the Shah Deniz Stage II project.

2013 has been a momentous year for TAP, which was selected in June by the Shah Deniz Consortium as the preferred pipeline project to transport Shah Deniz Stage II gas to Europe.

Kjetil Tungland, Managing Director at TAP, said: "Today's announcement by our shareholders is a very important milestone for TAP and further demonstration of their strong confidence in the commercial and technical viability of the project. Our focus now is to make sure that we construct the pipeline on time and on budget."

Commenting on the Shah Deniz Consortium's Final Investment Decision, Mr. Tungland continued: "This decision is another historic step in the realisation of the Southern Gas Corridor. By opening up this new gas transportation route, TAP and Shah Deniz will ensure the diversity and security of gas supplies to Europe and enhance the strategic importance of the countries along its route."

TAP project is designed to transport gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and then to Western Europe. The gas which will be produced in the second phase of Azerbaijani Shah Deniz field development, is considered as the main source of the project. In late June the Shah Deniz Consortium selected TAP as a gas transportation route to European markets.

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