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03.12.2013 13:41
© TAP
Last night, the Greek Parliament ratified the Host Government Agreement (HGA) it signed with the Trans Adriatic Pipeline earlier in June this year. The HGA sets out the framework by which the project will be realized and operated on Greek territory. This includes processes related to land easement and acquisition, the implementation of technical, safety, environmental and social standards and permitting.
TAP will be one of the largest sources of foreign direct investment in Greece, and is estimated to cost approximately Euro 1.5 bln for the Greek section alone. During construction, TAP is anticipated to create some 2,000 direct, and up to 10,000 indirect, new jobs across a number of industries including manufacturing and utilities, transport, communications and financial and business services. The project already collaborates with a number of Greek businesses and experts, and will seek to expand such cooperation in line with its commitment to local content.
Bulgaria’s state-owned gas company Bulgargaz signed a contract with BP-led Shah Deniz consortium for the delivery of 1 bn. cub. m of gas per year over a period of 25 years from the second phase of the Shah Deniz Caspian field. The quantities could be delivered as early, as 2019, Bulgargaz said in September, 2013.
Greece, through its gas company DEPA, recently privatised by Shah Deniz Azeri stakeholder SOCAR, has also secured a similar contract.
As much as 10 bn cub. m of natural gas a year are expected to flow from the Caspian Sea to customers across Europe.
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