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

 

Talk about it!

blog comments powered by Disqus

Premium Selection

locals-fear-hidden-cost-of-serbia-s-exit-festival-07-22-2016
24 Jul 16

Locals Fear Hidden Cost of Serbia’s EXIT Festival

While Novi Sad’s EXIT festival has undoubtedly boosted the local economy, some fear it might be doing the city more damage than good.

coup-reveals-quiet-ideological-split-between-macedonian-turks-07-21-2016
22 Jul 16

Turkey’s Failed Coup Splits Macedonia’s Turks

The attempted coup in Turkey has revealed hidden ideological splits among the significant Turkish community in the country.

21 Jul 16

Serbia Braces for Brexit Fallout

21 Jul 16

Macedonia Parties Trade Blame Over Budget Cuts

21 Jul 16

Refugees Make Best of Camp Life in Macedonia

Latest News from the Balkans

23 Jul 16

Three Kosovo Citizens Dead in Munich Attack

22 Jul 16

Serbia Braces For Rise in Refugee Numbers

22 Jul 16

Slovene Leads Balkan Race For UN Chief's Post