The Greek Parliament has ratified the Intergovernmental Agreement (IGA) between Albania, Italy and Greece on the construction and operation of the Trans Adriatic Pipeline (TAP) project. The IGA outlines the parameters of engagement between TAP and the Greek Government, such as permitting process, implementation of technical and safety standards and the land easement procedure. Moreover, the Environmental Social Impact Assessment (ESIA) has been approved in Albania.
At €1.5bn, TAP would constitute one of the largest current Foreign Direct Investments (FDI) in Greece. Designed to expand the capacity from 10 to 20 bcm/year, TAP will open up the so-called Southern Gas Corridor, which will enhance Europe's energy security by contributing to the diversification of the region's gas supplies. TAP’s shareholders are Axpo of Switzerland (42.5%), Statoil (42.5%) and E.ON Ruhrgas (15%). Shah Deniz II consortium members have the option to join TAP if it is selected and are currently funding the TAP project. The pipeline is expected to be commissioned in 2018.