Azernews.Az

BAKU – The shareholders of Trans Adriatic Pipeline (TAP) said in a joint statement Wednesday that the pipeline will not transport any Iranian gas under the current political circumstances.

The shareholders, including EGL, Statoil and E.ON Ruhrgas, are considering Caspian gas to be the initial source of supply to fill TAP's initial capacity of 10 bcm per year, the statement said.

"The TAP pipeline project will be ready when Shah Deniz phase two starts production," Kjetil Tungland, TAP Managing Director, was quoted as saying.

The 520km long pipeline will transport gas via Greece and Albania and across the Adriatic Sea to Italy's southern Puglia region and further to the Western Europe. The estimated cost of the pipeline will hit $2.2 billion. The project is designed to expand transportation capacity from 10 to 20 bcm per year depending on throughput.