The IGA solidifies a range of key commitments by Italy, Greece and Albania to the forward development, construction and operation of the TAP pipeline. Within the framework of the Community Treaties and the Energy Community Treaty, the IGA will ensure that the states cooperate on the timely delivery and efficient operation of the TAP pipeline.
TAP Managing Director Kjetil Tungland said “I would like to thank the Italian Parliament and Government for their support and dedication resulting in this important approval of the ratification law today. This is a key milestone that has been achieved ahead of the Shah Deniz Final Investment Decision later this year. The IGA provides long term security for the project to move forward towards construction and in making the TAP project a reality.”
TAP’s External Affairs Director Michael Hoffmann stated “The approval of the ratification law on the IGA further reinforces the host governments’ support for TAP from a legal and regulatory perspective. For TAP, this puts in place the final high level international political agreement, and provid es Shah Deniz with further reassurance prior to its final investment decision, expected at the end of this year.”
TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to the most attractive markets in Europe.
The 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.
Designed to expand the capacity from 10 to 20 Bcm/a, TAP will open-up the so-called Southern Gas Corridor, enhancing Europe’s energy security by providing a new source of gas.
TAP’s shareholders are Axpo of Switzerland (42.5 per cent), Norway’s Statoil (42.5 per cent), and E.ON of Germany (15 per cent). The Shah Deniz Consortium members – BP, SOCAR, and Total – also have the option to join the project.