Today the Italian Parliament approved the ratification law on the tri-lateral
Intergovernmental Agreement (IGA), following the signing of an IGA between
Italy, Greece and Albania on the Trans Adriatic Pipeline (TAP) project on the
13th of February 2013.
The IGA solidifies a range of key commitments by
Italy, Greece and Albania to the forward development, construction and operation
of the TAP pipeline. Within the framework of the Community Treaties and the
Energy Community Treaty, the IGA will ensure that the states cooperate on the
timely delivery and efficient operation of the TAP
pipeline.
Kjetil
Tungland, TAP’s Managing Director, said:
“I would like to thank the Italian Parliament and Government for their support
and dedication resulting in this important approval of the ratification law
today. This is a key milestone that has been achieved ahead of the Shah Deniz
Final Investment Decision later this year. The IGA provides long term security
for the project to move forward towards construction and in making the TAP
project a reality.”
Michael
Hoffmann, TAP’s External Affairs Director,
stated: “The approval of the ratification law on the IGA further reinforces the
host governments’ support for TAP from a legal and regulatory perspective. For
TAP, this puts in place the final high level international political agreement,
and provid es Shah Deniz with further reassurance prior to its final investment
decision, expected at the end of this year.”
Giampaolo
Russo, TAP Italy Country Manager,
said: “I would like to thank all those involved for their support and
commitment in securing this important agreement. We are pleased with our
collaboration with the Italian Republic and we look forward to continuing our
strong cooperation in the same spirit of open dialogue and joint efforts that
this project can bring to Italy and her citizens.”
TAP is
the final part of a 3,500km set of pipeline projects being developed to
transport Shah Deniz Phase II gas to Europe landing in Southern Italy. The Trans
Adriatic Pipeline is being developed according to the highest international
standards and will bring significant foreign direct investment and jobs
associated with the construction of this major pipeline across the entire value
chain.