Today.Az » Business » Implementation of Terms of Reference for IAP project starts
11 July 2018 [10:00] - Today.Az
Implementation of Terms of Reference for the Ionian-Adriatic Pipeline (IAP) project has started, Economy Minister of Montenegro Dragica Sekulic said in an interview with Trend.
"During the previous period, the Ministry of Economy intensified communication with the Ministry of Infrastructure and Energy of Albania in order to establish a joint approach to IAP implementation. To this end, a joint bid was formed for the development of the IAP Main Design for Montenegro and Albania, and we applied for a grant within the Western Balkans Investment Framework’s 15th Call for Technical Assistance Grant Applications. The project was approved for the development of the conceptual design in the amount of 2.5 million euros," she said.
The Terms of Reference have been agreed upon among stakeholders in April, and the implementation started in May, added the minister.
Sekulic noted that also, after the Ministerial Meeting held in Baku earlier this year, a Letter of Intent was signed on the founding of the project company for the Ionian Adriatic Pipeline, which is the logical next step in the entire process.
"The forming of the project company, which will be owned by gas transmission operators from Montenegro, Croatia, Bosnia and Herzegovina and Albania is expected to take place soon, after which this company shall continue to lead the IAP project implementation process," she added.
IAP is a proposed natural gas pipeline in Southeastern Europe (SEE) that will stretch from Albania through Montenegro, and Bosnia and Herzegovina, to Split in Croatia. It will be connected with the Trans Adriatic Pipeline (TAP). The capacity of the pipeline will amount to five billion cubic meters of gas per year.