News 02 Oct 12

Albania, Greece and Italy Reach Pipeline Agreement

The three Mediterranean countries signed a memorandum of understanding in New York on Thursday, granting political support to the Trans Adriatic Pipeline, TAP, project.

Besar Likmeta
BIRN
Tirana

Concluded on the margins of the United Nations General Assembly meeting in New York the memorandum signed by Italy, Albania and Greece provides TAP with the necessary political support to continue its commercial activities in Italy.

“This is another great step forward for the project and is testament to TAP’s commercial and technical strengths and the significant benefits that it will bring to these countries,” said in a statement Kjetil Tungland, TAP’s Managing Director.

The Trans Adriatic Pipeline is a natural gas pipeline project that 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 aimed at enhancing security of supply as well as diversification of gas supplies for the European markets. TAP will open a new so-called Southern Gas Corridor to Europe and establish a new market outlet for natural gas from the Caspian Sea and beyond.

The project is designed to expand transportation capacity from 10 to 20 bcm per year. TAP also envisages physical reverse flow of up to 80 per cent and the option to develop natural gas storage facilities in Albania to further ensure security of supply.

TAP’s shareholders are EGL of Switzerland (42.5%), Norway’s Statoil (42.5%) and E.ON Ruhrgas of Germany (15%).

EU Energy Commissioner Günther Oettinger welcomed the memorandum, by underlining the importance of the pipeline to give Europe an access to alternative energy reserves.  

"This is another important step towards our aim to get gas directly from the Caspian Region." Oettinger said

 

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