SOCAR completes first stage on technical consultation within IAP

SOCAR has completed the first stage on technical consultation to the member countries of Ionian Adriatic Pipeline (IAP), which is intended to transport Azerbaijani gas to Eastern Europe and is waiting for establishment of project company. The project company will be established by companies transporting gas from Montenegro, Croatia, Bosnia and Herzegovina and Albania, SOCAR Balkans CEO Murad Heydarov told Report.

According to him, SOCAR Balkans actively cooperates with the countries participating in the IAP project.

"We are providing technical and consulting services and are active in the process. We are not an investor, but gave recommendations in this field and are waiting for establishment of the project company. The issue is delayed, I don’t know why. May be there are legal or procedural points. We have completed our mission and the first stage of our consultations. Our role in this stage is passive and we are waiting for results," he said.

IAP is planned to be connected to TAP. The project costs EUR 610 million. In August 2016, SOCAR, Croatia, Albania, Bosnia and Herzegovina and Montenegro signed a Memorandum of understanding on IAP construction.