A new company will be created for implementation of the Ionian Adriatic Pipeline (IAP) project, according to a letter of intent signed by Plinacro (Croatia), Albgaz (Albania) and Montenegro Bonus (Montenegro), Azerbaijan’s state oil company SOCAR said in a message Feb. 16.
SOCAR acts as one of the technical consultants for IAP.
The document was signed at the Fourth Ministerial Meeting of the Southern Gas Corridor Advisory Council in Baku.
IAP is a proposed natural gas pipeline in Southeastern Europe 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.
