Reuters reported that Italy, Albania and Greece signed an agreement in favor of building the Trans-Adriatic Pipeline (TAP), which will deliver gas from Azerbaijan to the European Union. It is hoped that the pipeline will reduce Europe’s dependence on Russia for energy.
As quoted in the market news:
The deal improves TAP’s chances against Nabucco West, the other remaining contender in the race to become the first pipeline to deliver Azeri gas to Europe, diversifying the supply. Nabucco West would run from the Turkish border via a northerly gas hub in Austria while TAP would link to Europe via Italy.
TAP’s managing director Kjetil Tungland called the agreement “a testament to TAP’s commercial and technical strengths” and the European commissioner for energy, Guenther Oettinger, said it represented a significant breakthrough.