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TAP Welcomes Signing of Ionian Adriatic Pipeline MoU

29 August 2016

 

Baar, Switzerland. The Trans Adriatic Pipeline (TAP) AG welcomes the signing of a Memorandum of Understanding (MoU) on the Ionian Adriatic Pipeline (IAP) by Albania, Bosnia and Herzegovina, Croatia, Montenegro and Socar. 

Ian Bradshaw, Managing Director of TAP, said: “The MoU enhances energy cooperation across South East Europe and is an important step towards energy security and diversification in the region. TAP remains committed to facilitating connections to key gas infrastructure in the region, including the Ionian Adriatic Pipeline and the Interconnector Greece-Bulgaria (IGB).”

In January 2014, TAP signed a Memorandum of Understanding and Cooperation (MoUC) with ICGB, the company developing IGB, establishing technical cooperation to interconnect the two systems. In May 2013, Albania, Bosnia and Herzegovina, Croatia and Montenegro signed a MoU for the support and cooperation in the realisation of both the TAP and IAP projects. 

 

ENDS

About the Trans Adriatic Pipeline (TAP)

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 878 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP’s routing can facilitate gas supply to several South Eastern European countries, including Bulgaria, Albania, Bosnia and Herzegovina, Montenegro, Croatia and others. TAP’s landfall in Italy provides multiple opportunities for further transport of Caspian natural gas to some of the largest European markets such as Germany, France, the UK, Switzerland and Austria.

TAP will promote the economic development and job creation along the pipeline route; it will be a major source of foreign direct investment and it is not dependent on grants or subsidies. With first gas sales to Georgia and Turkey targeted for late 2018, first deliveries to Europe will follow approximately in early 2020.

TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Snam S.p.A. (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

Media enquiries: media@tap-ag.com

More about TAP: www.tap-ag.com | www.twitter.com/tap_pipeline