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TAP, BH-Gas sign memorandum to develop gas markets in South East Europe

Oil&Gas Materials 7 April 2011 15:45 (UTC +04:00)
The Trans Adriatic Pipeline AG and the Bosnian system operator BH-Gas have signed a Memorandum of Understanding and Cooperation to explore opportunities for developing natural gas markets and enhancing supply diversity in South East Europe, TAP said
TAP, BH-Gas sign memorandum to develop gas markets in South East Europe

Azerbaijan, Baku, April 7 / Trend A. Badalova /

The Trans Adriatic Pipeline AG and the Bosnian system operator BH-Gas have signed a Memorandum of Understanding and Cooperation to explore opportunities for developing natural gas markets and enhancing supply diversity in South East Europe, TAP said.

Security of supply and diversification of gas sources, in particular in the SEE region, are important European objectives, the statement said.

In February 2011 TAP and Croatian system operator Plinacro Ltd. signed a MOUC aimed at encouraging the development of natural gas markets in South East Europe.

Plinacro, together with BH-Gas, are promoting the Ionian Adriatic Pipeline (IAP), which intends to deliver gas to Croatia, Bosnia and Herzegovina, Montenegro and Albania.

TAP is planning to construct a natural gas pipeline that will connect Greece with Italy, via Albania and the Adriatic Sea. The pipeline is part of the European Union-designated Southern Gas Corridor which will link Caspian gas sources to Europe and provide significant reverse flow capacities. At 520km, TAP is the shortest and most cost efficient of the proposed pipelines in the corridor.

The shareholders of the project are Swiss EGL company (42,5 percent), Norwegian Statoil (42,5 percent) and German E.ON Ruhrgas (15 percent).

Kjetil Tungland, Managing Director of the Trans Adriatic Pipeline project, said that with this signature, TAP has taken yet another step to respond to the strategic challenges of energy supply for Europe. "While being a purely private sector project, not relying upon public finance, we still aim to contribute to meeting key national, regional and European energy policy objectives", he said.

"We see the signing of today's MOUC with TAP as a real milestone that will increase the reliability and diversification of gas supplies to South East Europe, Almir Becarevic, President of the Board of BH-Gas said. After the signing of the Ministerial Declaration on the Ionian-Adriatic Pipeline by the Council of Ministers, our MOUC with TAP, is the next logical step in realizing the infrastructure that will diversify gas supplies in the region".

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