The stakeholders in the Trans Adriatic Pipeline (TAP) project will be willing to pave the way for Iran's investment in the project when international sanctions against the country are removed, an official says.
"TAP is open to new shareholders, which can add strategic value to the project," Lisa Givert, TAP's communication head, told reporters in the Azeri capital, Baku.
According to Azerbaijan's Trend news agency, she made the remarks when commenting on Iran's possible interest in acquiring a share in TAP project following the removal of sanctions imposed on the country over its nuclear program.
"…TAP will comply with the EU regulation and relevant sanctions," Givert added.
At the beginning of 2012, the US and EU imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.
The sanctions were imposed over allegations about possible diversion in Iran's nuclear program toward military objectives. Iran has categorically rejected the allegation, noting that its civilian nuclear program is only meant for peaceful purposes.
After eight days of marathon talks, Iran and the six members of the P5+1 group – the US, France, Britain, Russia, China, and Germany – reached a mutual understanding on the Islamic Republic’s nuclear program in the Swiss city of Lausanne on April 2.
Iran and its negotiating partners are now expected to start work on drawing up a final comprehensive deal over Tehran’s nuclear program by the end of the self-designated June 30 deadline.
Part of the Southern Gas Corridor, TAP aims to transport gas from Azerbaijan's Shah Deniz II field in the Caspian Sea by the end of the decade.
The 870 kilometer (545 mile) pipeline will connect to the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, and cross Greece, Albania, and the Adriatic, before reaching southern Italy.
The pipeline project is currently co-owned by the British Petroleum (BP) (20%), Azerbaijan’s state oil company, SOCAR (20%), Norway’s Statoil (20%), Belgium’s Fluxys (19%), Spain’s Enagás (16%), and Swiss-based Axpo (5%).