ECONOMY
Enagás joins Trans Adriatic Pipeline AG
In addition, existing shareholder Fluxys has increased its stake in TAP from 16 per cent to 19 per cent.
The new arrangement follows the purchase by Enagás and Fluxys of the 19 per cent of TAP shares previously owned by E.ON (9 per cent) and Total (10 per cent). TAP’s shareholding is now comprised of BP (20 per cent), SOCAR (20 per cent), Statoil (20 per cent), Fluxys (19 per cent), Enagás (16 per cent) and Axpo (5 per cent).
The TAP project will transport natural gas from the Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km 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 Managing Director Kjetil Tungland 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.”