Trend reports on Thursday that The partners of Azerbaijani Shah Deniz gas field development and Trans Adriatic Pipeline (TAP) reached an agreement to secure funding for the project.
According to the agreement tese funds will contribute towards continued work in several important areas during the period running up to the final routing decision, expected in 2013.
The agreement also includes an option for the Shah Deniz shareholders to take up to 50 percent equity in TAP.
According to TAP’s Managing Director Kjetil Tungland, the signing of this agreement is a significant vote of confidence in the quality of TAP’s technical and commercial solutions from key industry players, and underpins the Cooperation Agreement that was signed between TAP and Shah Deniz in June.
“Our cooperation with Shah Deniz is now even closer and more far-reaching than before. This agreement will strengthen our continued working relationship in the run-up to the final routing decision. We remain confident of a positive outcome,” he said.
