...

TAP consortium to ink new agreements in Greece

Oil&Gas Materials 16 May 2018 11:57 (UTC +04:00)

Baku, Azerbaijan May 16

By Leman Zeynalova - Trend:

It is planned to sign a framework agreement on construction of the Trans Adriatic Pipeline (TAP) in Greek Philippi area, said a message from Greek Ministry of Energy and Environment.

Reportedly, the decision was made during a meeting between Greek Minister of Environment and Energy Giorgos Stathakis, Deputy Regional Chief of the Region of Eastern Macedonia and Thrace, responsible for the Regional Unity of Kavala, Theodoros Markopoulos, Mayor of Kavala Dimitra Chanaka and other officials.

Aside from the abovementioned document, the sides also decided to sign a framework agreement with TAP consortium on implementation of a water supply project in the Kavala region, as well as an irrigation project in Philippi area.

The meeting participants also agreed to immediately create a working group to implement the projects, the total budget of which is close to 20 million euros.

TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.

Connecting with the Trans Anatolian Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

The project is currently in its construction phase, which started in 2016.

Once built, TAP will offer a direct and cost-effective transportation route opening up the vital Southern Gas Corridor, a 3,500-kilometer long gas value chain stretching from the Caspian Sea to Europe.

TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest