BAAR, Switzerland, Dec. 20 (UPI) -- The Greek government started the process of finishing a host agreement for the planned Trans-Adriatic Pipeline, the project group said.
A BP-led group working in the Azeri waters of the Caspian Sea is expected by early next year to pick between TAP and Nabucco West as a preferred route for European natural gas deliveries. TAP is the only one that would run through Greek territory.
The project group announced Athens started work on a host agreement that would govern TAP's investment there.
"At $1.9 billion, this is expected to be the single largest current Foreign Direct Investment in Greece," the group declared.
Rikard Scoufias, the pipeline's country manager for Greece, said the initiation process was another step toward realizing the potential new transit network for Europe.
"We are very pleased with our cooperation with the Greek government," he said in a statement. "This is yet another significant step towards realizing the TAP project, which is destined to bring thousands of direct and indirect job opportunities as well as strengthen Greece's strategic role in Europe."
TAP this week announced it received an extension on an environmental assessment for the project through Italian territory. Later, it said it aims to soon start collecting data to determine the best offshore route.