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Snam S.p.A. to join TAP shareholding, acquiring 20% stake in the project from Statoil

01 December 2015

 

Baar, Switzerland. TAP is pleased to announce that Snam S.p.A. (Snam) will shortly join TAP’s shareholding by acquiring a 20% stake in the project from Statoil. The news follows Statoil’s announcement this morning that it has agreed to sell its shareholding in TAP, by which it will divest its 20% 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 2015.

Following closing, TAP’s shareholding will be comprised of BP (20%), SOCAR (20%), Snam S.p.A. (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

Ian Bradshaw, Managing Director for TAP, said: “I am delighted that Snam S.p.A. will join the TAP project. The TAP joint venture has always been open to new strategic partners and I will be very pleased to welcome Snam S.p.A. to TAP. 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.”

Zaur Gahramanov, Chairman of the TAP Board, said: “I would like to thank Statoil for their strong commitment and dedication since joining the project in 2008. The project and its shareholders now look forward to the start of construction in mid-2016.”

 

ENDS

 

About the Trans Adriatic Pipeline (TAP)

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 878 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at 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 in early 2020.

TAP’s shareholding is comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

Media enquiries: media@tap-ag.com

More about TAP: www.tap-ag.com | www.twitter.com/tap_pipeline