The new arrangement follows the purchase by Enagás and Fluxys of the 19% of TAP shares previously owned by E.ON (9%) and Total (10%).
TAP’s shareholding is now comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
Kjetil Tungland, Managing Director at TAP said: “The TAP Joint Venture has always been open to new strategic partners and I am very pleased to welcome Enagás to TAP. This continues our successful joint-venture model that has brought producers, midstream players and gas buyers together to develop this important project. Enagás, as a major gas company with a long track record of important infrastructure investments in Europe and South America, will help 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.”
Andy Lane, Chairman of the Board of Directors for TAP AG said: “As we prepare for the next crucial stage, starting with the construction of roads and bridges in Albania in early 2015, I would also like to thank both E.ON and Total for their strong commitment and contribution to TAP’s development and welcome Enagás as a new shareholder in TAP.”
About the Trans Adriatic Pipeline (TAP)
TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
TAP’s routing can 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.
TAP will promote the economic development and job creation along the pipeline route; it will be a major source of foreign direct investment and it is not dependent on grants or subsidies. With first gas sales to Georgia and Turkey targeted for late 2018, first deliveries to Europe will follow approximately a year later.
TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
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