The Memorandum of Understanding that formally launches this initiative was signed on July 10 in Dubrovnik, Croatia, the European Commission said in a statement on its official website. The initiative, in particular includes accelerating the building of missing gas infrastructure links and to tackle the remaining technical and regulatory issues which hamper security of supply and the development of a fully integrated and competitive energy market in the region.

A number of infrastructure projects, such as the Trans-Adriatic Pipeline (TAP), LNG terminal in Croatia and evacuation system, system reinforcement in Bulgaria and Romania, interconnectors between Greece and Bulgaria and between Serbia and Bulgaria, have been identified as top priorities in the Action Plan annexed to the Memorandum.

“They will help to diversify supply sources; ultimately, each Member State in the region should have access to at least three different sources of gas. These priority projects will be closely monitored to ensure their timely and resource-efficient implementation. It is also important that EU rules that foster fair competition between all market players are fully implemented in the region,” the statement said.

The Memorandum of Understanding and its Action Plan were signed by EU Commission Vice-President Maroš Šefčovič and EU Commissioner Miguel Arias Cañete and by the energy ministers and their representatives from Austria, Bulgaria, Croatia, Greece, Hungary, Italy, Romania, Slovakia, Slovenia, Albania, Former Yugoslav Republic of Macedonia, Serbia and Ukraine (Bosnia and Herzegovina and Republic of Moldova will sign at a later stage).

TAP project is a part of the Southern Gas Corridor that will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security. Azerbaijani gas is designed to open the Southern Gas Corridor.

As part of ensuring Azerbaijani gas supply to Europe, the final investment decision was made on Dec.17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field`s development. The gas produced at this field will first go to the European market (10 billion cubic meters), while six billion cubic meters of gas will be annually delivered to Turkey.

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

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