HispanicBusiness

BP is going to get "substantial" stake in Trans Adriatic Pipeline (TAP) project, which was selected as a preferred route to export Azerbaijani gas to Italian direction, soon, BP's Vice President for Shah Deniz Development Alasdair Cook said in interview with Dow Jones Newswires.

"BP has completed the negotiations in principle to join the TAP pipeline and to help provide funding in the short term," Cook said.

According to Cook, by acquisition of a stake in TAP, BP will demonstrate that they are very serious about the success of this project. He also added that a deal on this issue should be signed in the next few weeks.

However, Cook said that BP's decision to invest in TAP isn't prejudging the final pipeline selection.

According to Cook, the decision to invest in TAP "is more a reflection of the acceleration of TAP" rather than a signal about which pipeline will ultimately be selected.

In February, the Shah Deniz Consortium announced that TAP was chosen as the priority route for export of the Azerbaijani gas to Italy. The pipeline envisages transportation of gas from the Caspian region via Greece and Albania and across the Adriatic Sea to southern Italy and further into Western Europe. TAP's current shareholders are EGL of Switzerland (42.5 percent), Norway's Statoil (42.5 percent) and E.ON Ruhrgas of Germany (15 percent).

Currently the Shah Deniz consortium is selecting a pipeline route to the Central European direction (Nabucco base case, Nabucco West and SEEP).

The final decision on a pipeline route to export Azerbaijani gas to the European markets is expected to be made by Shah Deniz Consortium in 2013.