TAP, ICGB to create infrastructure for gas export to South-Eastern Europe

Trans Adriatic Pipeline (TAP) and ICGB, engaged in the development, financing and construction of the Greco -Bulgarian pipeline (ICGB), have signed a memorandum of understanding and cooperation.

According to sources in TAP, the memorandum is aimed at establishing technical cooperation for the further development of strategic infrastructure in the region.

The memo will allow the companies to cooperate in determining the point of connection of pipelines in the vicinity of Komotini (Greece).

The creation of the necessary infrastructure will enable the deliveries of gas through the gas network of Bulgaria to Southeastern Europe.

TAP is designed to transport gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and then to Western Europe.

Gas which will be produced during the second phase of development of the Azerbaijani gas condensate field Shah Deniz, is considered to be the main source for the project.

The initial capacity of the TAP pipeline will be 10 billion cubic meters per year, expandable to 20 billion.

TAP shareholders are Swiss AXPO (5 %), Norway's Statoil (20%) and Germany's EON Ruhrgas (9 %), BP (20 %), SOCAR (20 %), Fluxys (16 %), and Total (10%). (News.Az)