TAP countries sign MoU for pipeline

by on September 28, 2012 9:45 am BST

The accord was concluded as expected on the margins of the
United Nations General Assembly meeting in New York.

TAP managing director Kjetil Tungland said the signing
represented “a very clear demonstration of political support for TAP” that was “another
great step forward for the project”.

Tungland said that securing regulatory approvals would be
the next stage for the project.

Last month, TAP and the BP-led mega-project Shah Deniz 2 in
Azerbaijan signed an agreement on funding work on its export pipeline proposal
and arranging for an equity option of up to 50% in the line.

The pipeline is intended to take gas from the development through
Greece, Albania, the Adriatic Sea and southern Italy to Western Europe.

The total transport route of around 800 kilometres in length
runs from the Greek-Turkish border at Komotini for 478 kilometres, then 204
kilometres across Albania and 105 kilometres of the offshore Adriatic Sea
before linking up with the Italian natural gas distribution system five
kilometres onshore Italy near San Foca.

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