The Trans Adriatic Pipeline (TAP) and the Greek government today formally initiated the process to conclude the Host Government Agreement that will govern the group’s investment. At 1.5 billion Euros, this is expected to be the single largest current Foreign Direct Investment (FDI) in Greece.
TAP is competing to deliver gas from Azerbaijan into Europe and, if selected, will put Greece firmly on the European energy map as the EU realizes its 4th major gas import corridor. The final selection of the gas transportation route is expected early in 2013 by the BP-operated Shah Deniz consortium in Azerbaijan. TAP is the only option that will go through Greece.
"The Host Government Agreement is a key step towards securing selection in 2013 of the Greek Route," Rikard Scoufias, TAP's Country Manager for Greece, said adding, "we are very pleased with our cooperation with the Greek government, and this is yet another significant step towards realising the TAP project, which is destined to bring thousands of direct and indirect job opportunities as well as strengthen Greece's strategic role in Europe."
Note to the Editors:
The Trans Adriatic Pipeline (TAP) is a natural gas pipeline project. The pipeline 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.
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 during any operational interruption of gas deliveries.
TAP’s shareholders are Axpo of Switzerland (42.5%), Norway’s Statoil (42.5%) and E.ON Ruhrgas of Germany (15%).