Italy Prime Minister to visit Azerbaijan next week to sign agreement on TAP

Italy Prime Minister to visit Azerbaijan next week to sign agreement on TAP
# 10 December 2013 13:17 (UTC +04:00)

APA-Economics reports quoting Italian media that Letta will attend the ceremony, where intergovernmental agreement on TAP (Trans Adriatic Pipeline) will be signed in Baku on December 17.

Officials of Greece and Albania – the other countries participating in TAP project will also attend the ceremony.

Italian Prime Minister visited Azerbaijan in August, 2013. The aim of that visit was to express gratitude to Baku for selecting TAP project as an export route to deliver Azerbaijan’s gas to Europe.

On June 28, Azerbaijan officially announced the selection of the Trans Adriatic Pipeline (TAP) for natural gas deliveries to Europe. TAP pipeline will deliver Azerbaijan’s gas to Italy through Turkey, Greece and Albania. Total cost of the project is approximately $2.2bn.

The major source of TAP project is the gas to be produced within the second phase of Shah Deniz. According to forecasts, the production in the second phase will start in 2016, TAP pipeline will be constructed within 3 years. 10bn cubic meters gas will be delivered to Europe in the initial stage. Later the volume will be increased by 20bn cubic meters. The project has three shareholders – EGL, Statoil and E.ON Ruhrgas.

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