TAP will be one of the largest sources of foreign direct investment in Greece, and is estimated to cost approximately Euro 1.5 bln for the Greek section alone. During construction, TAP is anticipated to create some 2,000 direct, and up to 10,000 indirect, new jobs across a number of industries including manufacturing and utilities, transport, communications and financial and business services. The project already collaborates with a number of Greek businesses and experts, and will seek to expand such cooperation in line with its commitment to local content.
The longest section of the TAP pipeline will be in Greece. The pipeline will start at Kipoi at the Turkish-Greek border, and will cover some 550km entering Albania northwest of Dipotamia. As such, the project will support Greece’s ambition of becoming an important ‘Energy Highway’ Furthermore, the planned interconnection points and reverse flow capability of TAP will also support security of supply for other countries in the region.
Kjetil Tungland, TAP's Managing Director, stated: “I am delighted that the Host Government Agreement has been ratified. I would like to thank the Greek Parliament and Government and all those involved for their dedication, hard work and support, which has resulted in this final milestone being achieved ahead of the Shah Deniz Consortium’s final investment decision later this month. This is a significant step forward in delivering a project that will have notable positive impact on Greece, the region as well as European energy objectives.”
Rikard Scoufias, TAP’s Country Manager for Greece, added: “I would like to thank all those involved for their support and commitment in achieving Greece’s victory for the Southern Gas Corridor and ratification of this important agreement. We are pleased with our collaboration with the Hellenic Republic, through hundreds of meetings in Athens, in the regions as well as in local communities. As we are now moving towards construction in the coming years, we look forward to continue that cooperation in the same spirit of open dialogue and joint efforts to secure the benefits this project can bring for Greece and her citizens.”
About the Trans Adriatic Pipeline (TAP)
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 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 public money. It is planned that TAP will be ready to transport first gas from the Shah Deniz natural gas field in Azerbaijan to Europe in 2019.
TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).