On April 22, EGL and StatoilHydro, the two sponsors of the pipeline, completed the sale and purchase of shares in Trans Adriatic Pipeline AG, their Swiss-registered joint venture project company, as well as in other TAP-related entities.
The establishment of the joint venture follows an agreement signed on February 13 in Zurich by EGL and StatoilHydro to join forces in order to build the 520-kilometre-long Trans Adriatic Pipeline, which will transport natural gas via Greece and Albania, across the Adriatic Sea to Italy’s southern Puglia region and further to Western Europe. In its upstream part TAP will interconnect with Greece’s existing pipeline system that is linked further to the east with systems in Turkey.
EGL and StatoilHydro have already started working together on the project development aimed at deliver-ing the first gas flows via TAP by 2012. Both sponsors have already contributed considerable resources to the TAP project. The final investment decision to build TAP is expected in the second half of 2009.
Over the next year TAP priorities will include issues such as continuing detailed engineering, preparing project financing, completion and submission of the necessary authorizations, permits and licenses, the preparation of environmental impact assessments and social impact assessments, as well as securing a favourable regulatory framework to the pipeline project.
Once completed, the TAP pipeline will have a gas transportation capacity of about 10 billion cubic metres annually, with the option to expand it to 20 billion cubic metres annually.
EGL and StatoilHydro online
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