Greece and TAP Finalise Deal

Greece has entered the final stages of a binding agreement with the Trans Adriatic Pipeline (TAP) consortium.

The Host Government Agreement will regulate TAP's investment of €1.5 billion in the Greek portion of its pipeline. The amount is believed to be the largest ever Foreign Direct Investment (FDI) in Greece.

TAP is competing to deliver gas from Azerbaijan into Europe and, if selected, will put Greece firmly on the European energy map as the EU realizes its 4th major gas import corridor. The final selection of the gas transportation route is expected early in 2013 by the BP-operated Shah Deniz consortium in Azerbaijan. TAP is the only option that will go through Greece.

“The Host Government Agreement is a key step towards securing selection in 2013 of the Greek Route,” said Rikard Skoufias, TAP’s country manager for Greece, said in a statement. He commented that  TAP would "bring thousands of direct and indirect job opportunities as well as strengthen Greece’s strategic role in Europe".

See also: EC Emphasizes Greek Energy Projects