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Greek parliament ratifies intergovernmental agreement on TAP

11 April 2013 08:50 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. The Greek Parliament ratified the Intergovernmental Agreement (IGA) between Albania, Italy and Greece on the construction and operation of the Trans Adriatic Pipeline (TAP) project, APA-Economics reports.

The IGA between the three countries, which was signed in Athens on February 13, confirms the host countries' support for TAP and their cooperation for the project's timely implementation, TAP reported.

Note that, TAP 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.

The pipeline is designed to expand transportation capacity from 10 to 20 bcm per year. The project’s shareholders are Axpo of Switzerland (42.5%), Norway’s Statoil (42.5%) and E.ON Ruhrgas of Germany (15%).