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Snam S.p.A. Becomes Shareholder in TAP

17 December 2015

 

Baar, Switzerland. TAP is pleased to announce that Snam S.p.A. (Snam) has completed its acquisition of Statoil’s 20% interest in TAP.  As a result, TAP’s shareholding is now 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. has now officially joined TAP and welcome them to the 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.”

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%), Snam S.p.A. (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