The Trans-Adriatic Pipeline (TAP) is in the best condition for the opening of the Southern Gas Corridor, director for international ties Michael Hoffman said, Trend reports.
TAP will transport gas from the Caspian region to Europe. It will run from Greece, through Albania and the Adriatic Sea and then to Italy. The project is worth about 1.5 billion euro. The pipeline will be 800 km long.
It will have a cap of 20 billion cubic meters, despite its reduced offshore length from 140 km to 110 km.
The pipeline will have initial cap of 10 billion cubic meters annually, the quantity of gas from Azerbaijan’s Shah-Deniz to Europe. Shah Deniz holds about 1.2 trillion cubic meters of gas reserves.
The consortium developing the field expects the development of various pipeline projects by October 1, including the TAP. A gas route will be selected at the end of 2011.
Hoffman says that the TAP project is developing fast, has benefits and fulfills strategic goals. The project does not need subsidies from the EU or government of any state. Shareholders of the project are well-known and experienced companies.
The TAP has the following shareholders: EGL (Switzerland) with 42.5% of share, Statoil (Norway) - 42.5% and E.ON Ruhrgas (Germany) - 15%.
