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Intergovernmental agreement on TAP to be signed this week

Oil&Gas Materials 26 September 2012 18:03
An intergovernmental agreement on Trans Adriatic Pipeline (TAP) project will be signed between Italy, Albania and Greece on Friday, Reuters reported with the reference to Italian government source
Intergovernmental agreement on TAP to be signed this week

Azerbaijan, Baku, Sept. 26 / Trend A.Badalova /

An intergovernmental agreement on Trans Adriatic Pipeline (TAP) project will be signed between Italy, Albania and Greece on Friday, Reuters reported with the reference to Italian government source.

"The signing is imminent, it will be done in New York," the source said. He also added that the representatives of the three countries will attend a United Nations meeting.

TAP project is designed to transport gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and further into Western Europe.

TAP's initial pipeline capacity will be 10 billion cubic metres per year, expandable to 20 billion cubic metres per year. TAP's shareholders are EGL of Switzerland (42.5 percent), Norway's Statoil (42.5 percent) and E.ON Ruhrgas of Germany (15 percent).

Earlier this year Shah Deniz consortium made TAP a priority route for export of Azerbaijani gas to Italy.

Currently, the Shah Deniz consortium considers two options to deliver its gas to Europe -TAP and Nabucco West. The final decision on a pipeline route will be made in 2013.

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