TAP Receives Italian Parliamentary Ratification

The Italian Parliament has approved the ratification law on the tri-lateral Intergovernmental Agreement (IGA) on Trans Adriatic Pipeline (TAP).

TAP commented that the IGA solidifies a range of key commitments by Italy, Greece and Albania to the forward development, construction and operation of the TAP pipeline. Within the framework of the Community Treaties and the Energy Community Treaty, the IGA will ensure that the states cooperate on the timely delivery and efficient operation of the TAP pipeline.

Michael Hoffmann, TAP’s External Affairs Director, stated: “The approval of the ratification law on the IGA further reinforces the host governments’ support for TAP from a legal and regulatory perspective. For TAP, this puts in place the final high level international political agreement, and provi! des Shah Deniz with further reassurance prior to its final investment decision, expected at the end of this year.”

The ratification is an important milestone for the pipeline project in advance of the Shah Deniz Final Investment Decision later this year.

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