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Energy Regulators of Greece, Albania and Italy approve TAP’s Regulatory Compliance Programme

26 shkurt 2014

The national regulatory authorities of Albania (ERE), Greece (RAE) and Italy (AEEGSI) have approved the TAP AG Regulatory Compliance Programme (RCP), established by Trans Adriatic Pipeline AG (TAP) to exclude discriminatory conduct and prevent the communication of commercially sensitive information to its shareholders.

The RCP provides a binding internal framework to ensure that TAP as a whole, as well as its employees comply with the requirements as set out in section 4.5.1 of the Final Joint Opinion, approved by the regulatory authorities in June 2013, by setting out:

a) Appointment of a Regulatory Compliance Officer responsible for monitoring the RCP and reporting to the national regulatory authorities;

b) The duties and the rights of the employees of TAP AG in the fulfilment of the purposes of the RCP including the management of commercially sensitive information;

c) The measures adopted to prevent discriminatory conduct in relation to participants in the Booking Phase of the market test, who are not shareholders in TAP AG;

TAP AG Regulatory Compliance Programme

About the Trans Adriatic Pipeline (TAP)

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP’s routing can facilitate gas supply to several South Eastern European countries, including Bulgaria, Albania, Bosnia and Herzegovina, Montenegro, Croatia and others. TAP’s landfall in Italy provides multiple opportunities for further transport of Caspian natural gas to some of the largest European markets such as Germany, France, the UK, Switzerland and Austria.

TAP will promote the economic development and job creation along the pipeline route; it will be a major source of foreign direct investment and it is not dependent on grants or subsidies. With first gas sales to Georgia and Turkey targeted for late 2018, first deliveries to Europe will follow approximately a year later.
TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).