PARIS: Energy giants BP and Total and Azerbaijan's state company Socar have signed on to help fund a projected gas pipeline linking Greece with Italy, the Trans Adriatic Pipeline (TAP) consortium said Thursday.
TAP and rival project Nabucco are in competition to develop a southern route to Europe for natural gas from the Caspian Sea, with the final decision set for mid-2013.
The projects aim to bolster Europe's energy security by building a major gas pipeline to the Caspian that skirts Russia.
Russia has twice halted gas deliveries to Europe across Ukraine in the last six years amid disputes over outstanding debts and higher gas prices.
The TAP pipeline would transport gas from the Shah Deniz II field in Azerbaijan to Europe via northern Greece and Albania, before continuing under the Adriatic Sea to southern Italy.
TAP currently comprises the Swiss power group EGL, Norwegian Statoil and E.ON Ruhrgas of Germany.
"These funds will contribute towards continued work in several important areas during the period running up to the final routing decision, expected in 2013," TAP said.
It added that there was also an option in the agreement for BP, Total and Socar to own up to 50 percent of the project's equity.
indiatimes.com
TAP and rival project Nabucco are in competition to develop a southern route to Europe for natural gas from the Caspian Sea, with the final decision set for mid-2013.
The projects aim to bolster Europe's energy security by building a major gas pipeline to the Caspian that skirts Russia.
Russia has twice halted gas deliveries to Europe across Ukraine in the last six years amid disputes over outstanding debts and higher gas prices.
The TAP pipeline would transport gas from the Shah Deniz II field in Azerbaijan to Europe via northern Greece and Albania, before continuing under the Adriatic Sea to southern Italy.
TAP currently comprises the Swiss power group EGL, Norwegian Statoil and E.ON Ruhrgas of Germany.
"These funds will contribute towards continued work in several important areas during the period running up to the final routing decision, expected in 2013," TAP said.
It added that there was also an option in the agreement for BP, Total and Socar to own up to 50 percent of the project's equity.
indiatimes.com
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