Italian Snam joining to further enhance TAP's strategic position

1 December 2015 17:27 (UTC+04:00)

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Having Snam in the Trans Adriatic Pipeline (TAP) 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, Ian Bradshaw, Managing Director for TAP said.

In its report on December 1 TAP said that it is pleased to announce that Snam S.p.A. (Snam) will shortly join TAP’s shareholding by acquiring a 20 percent stake in the project from Norway’s Statoil.

Todat Statoil has announced that it will sell its interest in the TAP to the Italian gas infrastructure company Snam SpA for a total consideration of 208 million euros

This amount is for both Statoil’s shares in TAP and its pro-quota portion of the loans currently granted to TAP by its shareholders, according to the report. The total consideration will be adjusted at closing.

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%).

“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,” Ian Bradshaw said.

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) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

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