The Trans Adriatic Pipeline’s shareholders (SOCAR, Statoil, BP, Fluxys, Total, E.ON and Axpo) confirmed today that they have passed the Resolution to Construct on the development and construction of the Trans Adriatic Pipeline project. This follows the announcement earlier today by the Shah Deniz Consortium that it has taken the Final Investment Decision on the Shah Deniz Stage II project.
2013 has
been a momentous year for TAP, which was selected in June by the Shah Deniz
Consortium as the preferred pipeline project to transport Shah Deniz Stage II
gas to Europe.
Kjetil Tungland,
Managing Director at TAP, said: "Today’s announcement by our
shareholders is a very important milestone for TAP and further demonstration of
their strong confidence in the commercial and technical viability of the
project. Our focus now is to make sure that we construct the pipeline on time
and on budget.”
Commenting on the Shah Deniz Consortium’s Final Investment Decision, Mr. Tungland continued: "This decision is another historic step in the realisation of the Southern Gas Corridor. By opening up this new gas transportation route, TAP and Shah Deniz will ensure the diversity and security of gas supplies to Europe and enhance the strategic importance of the countries along its route.”
