Azerbaijan, Baku, Feb. 13 / Trend A. Badalova /
The Intergovernmental Agreement (IGA) between the Trans Adriatic Pipeline's (TAP) host countries lays the strong foundation and long term security that is required to move the project forward towards selection and construction, TAP Managing Director Kjetil Tungland said in a statement.
In a statement which was disseminated by TAP on Wednesday, Tungland thanked all the governments for their support and dedication resulting in the signing of the important agreement.
"We now look ahead to continuing our fruitful cooperation in making the TAP project a reality," Tungland said.
Greece, Italy and Albaina signed an Intergovernemntal agreement (IGA) on TAP in Athens on Wednesday.
The agreement was signed by Foreign Minister of Greece Dimitris Avramopoulos, Albania's Deputy Prime Minister Edmond Haxhinasto and Italian Minister of Economic Development, Corrado Passera.
According to Michael Hoffmann, TAP's External Affairs Director, the signing of the IGA further reinforces the host governments' support for TAP from a legal and regulatory perspective.
"For TAP, this concludes the last remaining high level international political agreement, which is important for the upcoming selection process by the Shah Deniz Consortium," Hoffmann said.
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. Gas to be produced within the second phase of Azerbaijani Shah Deniz gas condensate field development is considered as the main source for TAP.
TAP's initial pipeline capacity will be 10 billion cubic metres per year, but is easily expandable to 20 billion cubic metres per year. TAP's shareholders are AXPO of Switzerland (42.5 percent), Norway's Statoil (42.5 percent) and E.ON Ruhrgas of Germany (15 percent).
In case of selection of TAP as a final pipeline route to transport Azerbaijani gas to Europe, the construction of the pipeline will start in 2015.
Shah Deniz consortium will make its final decision on the pipeline route in June, 2013.