19102017Headline:

DESFA-AlbGaz to form joint venture for TAP pipeline in Albania

Hellenic Gas Transmission System Operator S.A (DESFA) and Albania’s AlbGaz have agreed to set up a joint venture to operate and maintain the sections of the Trans-Adriatic Pipeline (TAP) in Albania.

A memorandum of understanding signed by DESFA CEO Sotirios Nikas and AlbGaz CEO Klodian Gradeci in Tirana on Wednesday calls for the transfer of knowhow from DESFA to the new venture, which will be based in the Albanian capital.

Details on the new company’s corporate structure will be decided by a working group set up for this purpose in the coming weeks.

Nikas noted that the new company, in addition to maintenance services and the transfer of knowhow, will help create new jobs for able and talented staff that both Greece and Albania so urgently need. He also thanked the Greek government, especially the environment ministry and foreign ministry, for fully supporting and encouraging DESFA’s outward-looking activities.

Gradeci, on his part, said he was confident that the new joint venture will soon be a fact and thanked DESFA’s for its willingness to offer AlbGaz its experience and expertise, both for the maintenance of the TAP pipeline and in other areas where it might be needed, either by AlbGaz or the new company that will be formed.

The event was attended by the Greek Ambassador in Tirana Eleni Sourani and the head of the embassy’s Economic and Trade Affairs Bureau Betty Larda.