• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 7 hours Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 2 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 8 mins Let's shut down dissent like The Conversation in Australia
  • 6 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 2 hours Pepe Escobar: “How The Houthis Overturned The Chessboard”
  • 13 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 18 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Hong Kong protesters appeal to Trump for support.
  • 1 day Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 14 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 10 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 15 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
Wealthy Saudis Are Being Bullied Into Buying Aramco

Wealthy Saudis Are Being Bullied Into Buying Aramco

Saudi Arabia is pressuring wealthy…

Oil Prices Up As Iran Prepares For All Out War

Oil Prices Up As Iran Prepares For "All Out War"

An American or Saudi military…

Greece Hopes TAP Pipeline will Lead them to Economy Recovery

Greece has been struggling for a while. Its economy completely failed a few years ago and it had to be handed a bailout by the EU to stop the country from disappearing into a bottomless pit of debt. Singlehandedly it delivered a deadly blow to the European economy, dragging almost the entire region into an economic slowdown and recession.

This month Greece has received news that may give a boost to its economic and energy ambitions. Of the competing pipelines planned to transport natural gas from Azerbaijan to the European market, the Azeri energy developers chose the Trans-Adriatic-Pipeline (TAP).

After years of planning Statoil, BP, Total, Belgium’s Fluxys, E.ON, Switzerland’s Axpo, as well as the Azeri state oil company SOCAR, will develop the TAP pipeline to carry an initial 10 billion cubic metres of natural gas into the EU, with further plans to expand the capacity to 20 billion cubic metres in the future.

Related article: Mediterranean Gas Outlook Threatened by War

The Trans-Adriatic-Pipeline
The Trans-Adriatic-Pipeline. (PTC)

Greece is set to receive a huge boost as two thirds of the TAP pipeline will be built on its land, providing an estimated $1.5 billion injection into the economy. The construction phase, and subsequent maintenance and operation of the pipe, will create thousands of jobs throughout the country’s energy sector, a welcome addition to the cash injection and transit revenues, as Greece has just hit a record high unemployment rate of 27.6%.

Another benefit that the Tap will provide to the Greek economy, is that it can be used to show the world that Greece is a recovering country, and offers a genuine investment option for potential foreign partners.”

Related article: Putin Fails to Wrest Azerbaijan from Western Oil Majors Grip

Although while some may try and suggest that choosing the TAP pipeline is a sign of confidence in the Greek economy and its ambition to establish itself as a natural gas transit country, many others have warned that there are still foundational issues that must be addressed before any mention of recovery can be uttered.

Konstantinos Filis, the research director at the Institute of International Relations, told the WSJ that the “TAP is very important for the country, but it is only an indirect investment. Greece will move away from the vicious circle only if it implements reforms and adopts a flexible investment plan in order to make it attractive to foreign investments.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Christopher Coats on August 28 2013 said:
    Joao, I wanted to quickly point out that in the last paragraph of your story, you cite the quote as being told to Forbes. If you look back at my blog post from the ay before, I said that he had told the Wall Street Journal this, not me and not Forbes.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play