TODAY.AZ / Business

Memorandum of Understanding and Cooperation inked on TAP

07 January 2014 [12:15] - TODAY.AZ
By AzerNews

The Trans Adriatic Pipeline (TAP), which is designed to supply the Caspian gas to Europe, and Interconnector Greece-Bulgaria (ICGB) - the company in charge of the development, financing and construction the Interconnector Greece-Bulgaria (IGB) - have signed a Memorandum of Understanding and Cooperation (MOUC).

The document is aimed at establishing the technical cooperation in order to further develop strategic infrastructure in the region.

Highlighting the importance of the document, Commercial Director of TAP Lutz Landwehr said it as an opportunity to transport Caspian gas to Bulgaria, thus enhancing diversification of supply and improving security of supply in the country and in the wider South Eastern Europe Region.

"Following the signature of the MOUC, TAP and ICGB will start a cooperation focused on understanding the technical requirements of each project, exchanging views on best practices and on any other relevant issues that affect the development of either project," he said.

The document will allow for cooperation between the two companies who will work together on realising a possible interconnection point in the vicinity of Komotini, Greece. This will enable new gas supplies to flow into the Bulgarian gas network and further into the South Eastern Europe region.

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) near 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's shareholding is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).
URL: http://www.today.az/news/business/129703.html

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