EU Approves Trans-Adriatic Pipeline Deal

EU Approves Trans-Adriatic Pipeline Deal

The European Union has approved a deal between Greece and the Trans-Adriatic Pipeline (TAP), which will bring gas from Azerbaijan to Europe, reported Reuters.

The 870km pipeline, which will link Azerbaijan’s giant Shah Deniz II field with Italy, crossing through Turkey, Greece, Albania, and the Adriatic Sea, is the largest project to bring new supplies to European consumers.

“The Trans Adriatic Pipeline will bring new gas to the EU and increase the security of energy supply for Southeast Europe,” European Competition Commissioner, Margrethe Veestager, said in a statement.

Maroš Šefčovič, EU Commissioner for Energy, said: “Today’s approval of the TAP agreement is an important step towards completing the Southern Gas Corridor. The Energy Union framework strategy of February 2015 identified this project as a key contribution to the EU’s energy security, bringing new routes and sources of gas to Europe,” according to a European Commission‘s statement.

As part of the Greek deal, TAP will be granted a specific tax regime for 25 years. TAP is owned by BP, Azeri state energy firm SOCAR, Snam, Belgian company Fluxys , Italy’s Enagas, and Axpo.


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