Enagás has joined the Trans Adriatic Pipeline project as a new shareholder with a 16 per cent stake in the Trans Adriatic Pipeline AG (TAP) company.
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.”
