TAP: Declaration on South Gas Corridor is constructive step towards its creation
Azerbaijan, Baku, Jan.15 / Trend, A.Badalova /
The Trans Adriatic Pipeline (TAP) Project Management Company called the Joint Declaration on the South Gas Corridor signed between Azerbaijan and the European Commission a constructive step towards the creation of the Southern Gas Corridor.
"This is a constructive development which reiterates the EUropean Union's commitment to the creation of the Southern Gas Corridor and equal treatment for all pipeline projects. TAP fully supports the EU's security of supply ambitions in this regard," Tungland, Managing Director for TAP, said.
A Joint Declaration on the South Gas Corridor was signed by the European Commission president and Azerbaijani President Ilham Aliyev in Baku on Thursday.
The South Corridor is a priority EU energy project diversifying energy supply routes and sources and increasing EU energy security. The South Corridor includes the Nabucco gas pipeline, Trans Adriatic Pipeline, White Stream, and ITGI.
The Azerbaijani Shah Deniz Field with reserves of 1.2 trillion cubic meters of gas is considered to be a main gas source for these projects.
According to Tungland, moreover, TAP remains confident that if projects are assessed on their individual technical and commercial merits, TAP presents the most realistic and economically viable option to transport Shah Deniz II gas to European markets."
The Trans Adriatic Pipeline (TAP) designed in 2003 by the Swiss EGL Group envisages transporting gas from the Caspian region and Middle East to the European market.
The pipeline will begin in Greece, pass through the territory of Albania and the Adriatic Sea onward to Italy. The pipeline includes a 115-kilometer underwater section from Albania to Italy. Estimated cost of the construction of the pipeline is $1.5 billion. Initial pipeline capacity will be 10 billion cubic meters per year, maximum - 20 billion. The length of the pipeline is 520 kilometers.