The final investment decision (FID) on extracting gas from the Shah Deniz II gas field in Azerbaijan was signed on December 16 by the consortium developing the Trans Adriatic Pipeline.

The official signing ceremony was held in Baku in the presence of Azerbaijan's President, Ilham Aliyev, officials from nations along the Southern Corridor, and the EU Energy Commissioner, Günther Oettinger.

Prime Minister Antonis Samaras was unable to attend due to a last minute mechanical failure of the prime ministerial aircraft. In an announcement, the consortium noted that the decision "triggers plans to expand the South Caucasus Pipeline (SCP) through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline (TANAP) across Turkey and to construct the Trans Adriatic Pipeline (TAP) across Greece, Albania and into Italy.


Together these projects, as well as gas transmission infrastructure to Bulgaria, will create a new Southern Gas Corridor to Europe." The decision also puts gas sales contracts with nine European companies into effect; as a result, 10 bcma of Shah Deniz gas are expected to be delivered for 25 years to customers in Italy, Greece and Bulgaria, according.

The European Commission welcomed the agreement, with EU Commission President José Manuel Barroso referring to a "strategic door opener for stronger European energy security", while Oettinger said the decision is a "breakthrough" that "will have the potential to meet up to 20% of the EU’s gas needs in the long term."