The license refers to the Greek section of the project and the term of the license is 50 years, TAP said on September 24.
The INGS license gives TAP the necessary approval for activities related to the construction of the pipeline such as installation of the pipeline, compressor and metering stations, block valve stations and other equipment.
In August 2012, Shah Deniz consortium partners BP, SOCAR and Total S.A. signed a funding agreement with TAP`s shareholders, including an option to take up to 50% equity in the project. This is a project to transport natural gas from the Caspian sea (Azerbaijan), starting from Greece via Albania and the Adriatic Sea to Italy and further to Western Europe. Length is 867 km.
Shareholders of the Trans Adriatic Pipeline are BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).
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