The news follows Statoil’s announcement that it has agreed to sell its shareholding in TAP, by which it will divest its 20 per cent interest stake in the project. Statoil and Snam have agreed to undertake the transaction provided certain conditions are met. The transaction is expected to close by end of 2015.
Following closing, TAP’s shareholding will comprise BP (20 per cent), SOCAR (20 per cent), Snam S.p.A. (20 per cent), Fluxys (19 per cent), EnagÌÁs (16 per cent) and Axpo (5 per cent).
TAP Managing Director Ian Bradshaw said “This continues our successful joint venture model that has brought producers, midstream players and gas buyers together to develop this important project. Having Snam in the project will continue to enhance TAP’s strategic position as a truly European project that will transport a new source of gas to the continent’s energy markets.”
About the Trans Adriatic Pipeline
TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 878 km pipeline will connect with the Trans Anatolian Pipeline at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
TAP’s routing will facilitate gas supply to several South Eastern European countries, including Bulgaria, Albania, Bosnia and Herzegovina, Montenegro, Croatia, and others. TAP’s landfall in Italy provides multiple opportunities for further transport of Caspian natural gas to some of the largest European markets such as Germany, France, the UK, Switzerland, and Austria.