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Trans Adriatic Pipeline receives resounding political endorsement from Host Countries

25 gennaio 2013

Greek PM Antonis Samaras confirms TAP as a key strategic project for the country at meeting with shareholders

Trans Adriatic Pipeline today welcomed the Greek government’s reiteration of support for the project as one of major importance for Greece and for the EU’s energy strategy at a meeting between the country’s Prime Minister Antonis Samaras and representatives from the Trans Adriatic Pipeline's (TAP) international shareholders and senior management.
Prime Minister Samaras, Foreign Minister Dimitris Avramopoulos, Deputy Minister of Development, Notis Mitarachi and Deputy Energy Minister Makis Papageorgiou met with TAP Managing Director Kjetill Tungland; Mr Markus Brokhof, Member of the Management Board, Axpo Trading; Mr. Oliver Giese, Senior Vice President Infrastructure Management, EON; Mr. Bjarne Bull-Berg, Vice President Business Development, Statoil; Mr. Rikard Scoufias, TAP Country Manager for Greece, and Mr Stathis Theodoropoulos, TAP Senior Advisor.
TAP Managing Director Kjetil Tungland said: “We very much welcome the Greek government’s continued support, which strengthens the Greek route’s chances as the date for a decision on the Southern Gas Corridor draws closer. We especially thank Prime Minister Samaras himself for the invaluable support he has given.”

Speaking on behalf of TAP’s shareholders, Axpo Trading's Markus Brokhof, said: “We are proud of the seamless cooperation between Greece and TAP in a project that will help deliver Direct Foreign Investment, employment opportunities and invaluable economic benefits to the country.”

Statoil's Bjarne Bull-Berg commented, “We are thankful to the Prime Minister’s support to TAP's efforts to realise the Greek route which will strengthen Greece's strategic role in Europe's strategic agenda for security of supply. Our commitment to Greece and TAP has always been, and remains firm.”

E.ON Ruhrgas's Oliver Giese said: "Once the investment decision is taken the realization of TAP will be one of the biggest projects ever undertaken in the region and we are proud to be working with Greece. TAP and its shareholders are committed to undertaking the TAP project’s development implementing the highest safety and environmental standards set by the European Bank for Development and Reconstruction."

Rikard Scoufias, TAP Country Manager in Greece, said: “Today's meeting is another important step in the positive collaboration between TAP and the Greek Government. We are very pleased that as international investors in Greece, we are able to play a major role in supporting Greece's economic growth.”

At 1.5 billion Euros, TAP would constitute one of the largest current Foreign Direct Investments (FDI) in Greece.

TAP is competing to deliver gas from Azerbaijan into Europe, with a final selection of the gas transportation route expected June 2013 by the Shah Deniz consortium in Azerbaijan. TAP is the only pipeline option that will go through Greece.

About TAP

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 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%).

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