TAP touts prospects for Greek economy

Jan. 29, 2013 at 8:09 AM

ATHENS, Greece, Jan. 29 (UPI) -- Hosting the planned Trans-Adriatic Pipeline will give the Greek government the infrastructure needed to stimulate its economy, a pipeline executive said.

The consortium behind the planned pipeline for European consumers said it welcomed a statement of support from Greek Prime Minister Antonis Samaras.

"We are very pleased that as international investors in Greece, we are able to play a major role in supporting Greece's economic growth," TAP Country Manager in Greece Rickard Scoufias said in a statement.

The consortium, led by Switzerland's Axpo, Norwegian major Statoil and German energy company E.ON, said that, at $2 billion, the pipeline would represent one of the largest foreign direct investments in Greece.

TAP could move as much as 353 billion cubic feet of natural gas per year to the region through Greece, Albania and Italy.

By next year, a BP-led group should decide between Nabucco West, a scaled-down version of the larger $10 billion project, and TAP as the conduit for Azeri natural gas. The European Union is looking at either route as a way to break Russia's grip on the energy sector.

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