Greece ratifies TAP agreement

17:05 11.04.2013

Greece has ratified the intergovernmental agreement on construction of the Trans-Adriatic Pipeline (TAP), signed by Albania, Italy and Greece in Athens in February 2013.

TAP will be used to transport oil from the Caspian Region through Greece, Albania, the Adriatic Sea to Italy's South and then to Western Europe. Gas will be provided within the framework of the second stage of Shah Deniz development.

TAP will have a capacity of 10 billion cubic meters of gas annually. Capacity may be further increased to 20 billion cubic meters a year.

TAP shareholders are AXPO (Switzerland) with 42.5%, Statoil (Norway) with 42.5% and E.ON Ruhrgas (Germany) with 15%. Construction is planned to start in 2015. The final decision on its route will be made in June 2013.

Adapted from Vestnik Kavkaza