Baku, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
It is expected to create a company for implementation of the Ionian Adriatic Pipeline (IAP) project within the next six months, Zarko Djuranovic, Director of Energy and Consulting Department at Montenegro Bonus company told Trend.
“We plan to establish the IAP project company within the next six months. We are currently considering all proposals and hope to make the final decision in the next couple of months,” said Djuranovic.
Moreover, a source at Croatia’s Plinacro company told Trend that at this stage of the project, several possible company models are considered and the final selection will be agreed between the partners.
Montenegro Bonus and Plinacro Ltd are participants of the Project Management Unit for IAP, which will provide deliveries of Azerbaijani gas to several countries of South-Eastern Europe.
A letter of intent to create a new company for implementation of IAP project was signed by Plinacro, Albania’s Albgaz and Montenegro Bonus in Baku.
Azerbaijan’s state oil company SOCAR acts as one of the technical consultants for IAP.
IAP is a proposed natural gas pipeline in Southeastern Europe that will stretch from Albania through Montenegro, and Bosnia and Herzegovina, to Split in Croatia. It will be connected with the Trans Adriatic Pipeline (TAP). The capacity of the pipeline will amount to five billion cubic meters of gas per year.
TAP is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
The pipeline will connect to the Trans Anatolian Natural Gas Pipeline (TANAP) on the Turkish-Greek border, run through Greece, Albania and the Adriatic Sea, before coming ashore in Italy’s south.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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