SOCAR signs Ionian Adriatic pipeline MoU

According to a Croatian media report, the State Oil Company of Azerbaijan Republic (SOCAR) has joined the Ionian Adriatic gas pipeline (IAP) project.

According to aboutcroatia.net, government representatives of four European countries ¬– Montenegro, Albania, Croatia and Bosnia and Herzegovina – have signed a memorandum of understanding (MoU) with SOCAR regarding the construction of the IAP during an energy forum in Dubrovnik.

Head of SOCAR, Balkans Murad Geidarov, is reported to have taken part in the ceremony and said that following this signing, SOCAR's goal is to connect the Caspian Sea to the Adriatic Sea.

Croatia’s Economy Minister, Tomislav Panenic, is reported to have said that the future pipeline is important as the construction of the IAP would ensure gas supply for south eastern Europe.

“We have confirmed our common initiative for the development of the Ionian-Adriatic Gas Pipeline as a route to ensure gas supply in these markets. We hope that the continuation of cooperation in the future will result with IAP being an important link between north and south, and that it will be a way towards the full liberalization of the gas market in Europe,” said Panenic.

He also stated that the southern corridor, including IAP, is a key part of the company's plans and SOCAR has established good relations with countries involved in this project.

Montenegrin Economy Minister, Vladimir Kavaric, is also reported to have commented saying that the IAP is the only way to bring gas to Montenegro, so the country's government is prepared to assist the acceleration and implementation of the project, where it can.

Albanian Deputy Minister of Energy and Industry, Ilir Bejtja, said that the meeting reiterated the importance of security of gas supply: “This project will stabilise the supply because there will be a diversification of sources”, Bejtja said.

In 2007, Croatia, Herzegovina and Albania signed a declaration concerning the draft of the IAP. The pipeline, which will connect to the Trans Adriatic pipeline (TAP), will be 516 km, stretching from Split to Albanian Fier. It will have a flow capacity of approximately 5 billion m³ of gas a year.

Edited from various sources by Anna Nicklin

Sources: Total Croatia News, ABC.AZ, Azer Tac

Read the article online at: https://www.worldpipelines.com/project-news/30082016/socar-signs-ionian-adriatic-pipeline-mou/