EU: Trans-Adriatic Pipeline plans advance

EGL AND StatoilHydro will form a joint venture to build and operate the Trans-Adriatic Pipeline (TAP), which will deliver Caspian and Middle Eastern gas directly to Europe for the first time. It is a small victory, but a victory nonetheless, for the European Union's (EU) plan to diversify its gas supply sources. The two firms will build the estimated €1.5bn ($2.2bn) pipeline, which will run 520 km from the Greek city of Thessaloniki, through Albania and under the Adriatic Sea to connect with the national Italian pipeline grid near Brindisi. According to EGL, a Switzerland-listed energy trader, the Caspian and Iranian gas would reach Greece through an existing network of pipelines across Turk