Off the wire
• U.S. stocks open lower amid upbeat data  • Chinese premier meets French FM  • Egypt's Sisi urges Palestinians, Israelis to peace value chance for peace  • Ukraine joins Trans-Caspian Int'l Transport Route  • Philippines' vice president camp slams gov't for rushed spending in last days in office  • Singapore's first Zika patient discharged from communicable diseases centre  • Chaos erupts in S. Africa parliament as Zuma answers questions  • 1st LD Writethru: Denmark reaching parallel agreement with EU on Europol not optimistic  • China's Guangdong Province looks to boost ties with Mexico  • Kenya launches policy to enhance mental health response  
You are here: 　 Home

Greek PM inaugurates Trans Adriatic Pipeline construction

Xinhua, May 17, 2016 Adjust font size:

Greek Prime Minister Alexis Tsipras attended the inauguration ceremony for the construction of the Trans Adriatic Pipeline (TAP) in the northern city of Thessaloniki on Tuesday, expressing optimism that Greece is entering "a new era."

"We are leaving instability and uncertainty behind... A new environment friendly for investments is created. Greece returns to the path of economic development," Tsipras said addressing the event, according to an e-mailed statement.

The construction of the Trans Adriatic Pipeline is a major transnational investment with the participation of Greece, Albania and Italy, which will connect the Trans Anatolian Pipeline (TANAP) with the Italian natural gas network to transfer Azeri natural gas from the Caspian Sea to Western Europe.

It is one of the largest investments made in Greece in recent years, Tsipras stressed during the event which was attended by dignitaries from countries along the Southern Gas Corridor and European Commission Vice President and Commissioner for Energy Union Maros Sefcovic.

The 1.5-billion-euro (1.7 billion U.S. dollars) worth construction of the Greek leg of the pipeline will take three years according to timetables and will help create some 8,000 job positions in Greece which is suffering from record high unemployment rates during the ongoing debt crisis.

The 580 kilometers on Greek territory account to about two thirds of the European part of TAP, Greek Economy Minister Yorgos Stathakis commented speaking to Greek national news agency AMNA shortly before the ceremony.

"TAP's constructions changes Europe's energy map and renders Greece an important energy hub in the region," Tsipras said during his speech.

He praised the venture as a new "bridge of regional cooperation and prosperity."

The start of works for TAP's construction also coincides with the upcoming conclusion of the first review of Greece's third bailout program, the Greek leader noted, pointing to the May 24 Euro Group meeting.

Combined with an expected agreement for debt relief and strong signs that positive growth will resume in the second half of 2016, "there are all indicators of the passage to a new era," he stressed. Endit