On February 13, 2013 in Athens Greece, Italy and Albania will sign the intergovernmental agreement to build Trans Adriatic Pipeline (TAP), ITAR-TACC quoted Dimitris Avramopoulos, Greek Foreign Minister, as saying on Saturday.
The forthcoming deal was announced after the meeting between Avramopoulos and Azerbaijani Foreign Minister Elmar Mammadyarov during the Munich Security Conference.
TAP will be used to deliver Azerbaijan gas extracted during development of the Second Phase of the Shah-Deniz field on the Caspian Sea shelf to Europe via Turkey. The resources of the Shah-Deniz field are estimated at 1.2 trillion cub.m. The gas extraction within the Second Phase is expected to begin in 2018. 10 billion out of 16 billion cub.m. of gas a year extracted on this field will be transported to Europe.
478 km of TAP will lie on the territory of Greece from Komotini city on the northeast of the country, cross Albania (209 km) and reach Brindizi port city on the south of Italy via the Adriatic Sea (105 km). The project will be implemented by Swiss energy company Axpo (42.5%), Norwegian Statoil (42.5%) and German E.On Ruhrgas concern (15%).
The talks on the details of the agreement have not been completed yet, reported Athens-based news agency citing the sources from the Greek Foreign Ministry. The representative of the Azerbaijani government is expected to attend the signing ceremony.-0-
Economics
-
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
-
The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
-
The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
-
Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
Leave a review