Trans Adriatic Pipeline Confirms Resolution to Construct

The Consortium behind the Trans Adriatic Pipeline’s shareholders confirmed today that they have passed the Resolution to Construct on the development and construction of the pipeline project to move Caspian gas to Europe.

The decision to proceed follows the announcement earlier today by the Shah Deniz Consortium that it has taken the Final Investment Decision on the Shah Deniz Stage II project.

In June 2013, TAP was selected over a competing proposal from the Nabucco West consortium by the Shah Deniz Consortium as the preferred pipeline project to transport Shah Deniz Stage II gas to Europe.
 
Kjetil Tungland, Managing Director at TAP, said: “Today’s announcement by our shareholders is a very important milestone for TAP and further demonstration of their strong confidence in the commercial and technical viability of the project. Our focus now is to make sure that we construct the pipeline on time and on budget.”

Commenting on the Shah Deniz Consortium’s Final Investment Decision, Mr. Tungland continued: “This decision is another historic step in the realisation of the Southern Gas Corridor. By opening up this new gas transportation route, TAP and Shah Deniz will ensure the diversity and security of gas supplies to Europe and enhance the strategic importance of the countries along its route.

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 shareholder consortium is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).