The Trans-Adriatic Pipeline (TAP) remains firmly committed to the planned gas project in Greece, which will bring in excess of €1 billion of foreign direct investment to the country, the consortium said on 17 August. It was responding to a question by
New Europe as to whether by announcing on 8 August its offer to double its investment in the debt-laden country to more than €1 billion, TAP was hoping to gain the Greek government’s support, which so far has said its priority is the rival Interconnector Turkey-Greece-Italy (ITGI), and make the project more competitive to transport gas from Azerbaijan to the European Union?
TAP and ITGI of Greek interests and Nabucco are competing for transporting natural gas from Azerbaijan’s Shah Deniz field to the European markets. By 1 October, all three consortiums must present their final offers to the Shah Deniz partners, who have said they will choose the winner by the end of 2011.“TAP and our shareholders remain firmly committed to the project in Greece.These latest developments, again underlines the strength of our project which will bring in excess of €1 billion of foreign direct investment to Greece and enhances job creation in the country,” TAP Spokesman Lisa Givert told
New Europe on 17 August.
“TAP is able to do this without seeking any government subsidies or EU grants and provides an integrated transportation solution to the Shah Deniz Consortium.”The TAP project could be a significant source of foreign direct investment for Greece. It is expected to boost the economy, generate significant revenue and create many local opportunities through construction contracts as well as procurement of goods and services. TAP’s shareholders are Swiss EGL (42.5%), Norwegian Statoil (42.5%) and German E.ON Ruhrgas (15%). Meanwhile, Greece has said that it is also committed to Russia’s South Stream project, which is seen as a rival to the EU-backed Nabucco project.