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TAP, Montenegro sign memorandum on energy cooperation

Oil&Gas Materials 20 May 2011 17:17 (UTC +04:00)
Trans Adriatic Pipeline (TAP) and the Ministry of Economy of Montenegro have entered into a Memorandum of Understanding and Cooperation (MOUC) to explore opportunities for developing natural gas markets and enhancing supply diversity in South East Europe (SEE), TAP said
TAP, Montenegro sign memorandum on energy cooperation

Azerbaijan, Baku, May 20 / Trend/

Trans Adriatic Pipeline (TAP) and the Ministry of Economy of Montenegro have entered into a Memorandum of Understanding and Cooperation (MOUC) to explore opportunities for developing natural gas markets and enhancing supply diversity in South East Europe (SEE), TAP said.

This new MOUC is the third initiative that TAP has undertaken during the last months to make a positive contribution to increase security of supply and diversification of gas resources in the SEE region, TAP's report said

In February 2011 TAP and Croatian system operator Plinacro Ltd concluded an MOUC aimed at establishing cooperation in a number of areas and in April 2011 TAP and Bosnian gas system operator BH-Gas entered into a similar agreement.

The Managing Director of the Trans Adriatic Pipeline project Kjetil Tungland said that TAP will continue to work diligently with its partners in South Eastern Europe to bring gas supplies and promote economic development in the region.

The 520km long Trans Adriatic Pipeline 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 is designed to expand transportation capacity from 10 to 20 bcm per year depending on throughput. The TAP project also envisages physical reverse flow of up to 8 bcm 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 EGL of Switzerland (42.5%), Norway's Statoil (42.5%) and E.ON Ruhrgas of Germany (15%)

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