Baku, Azerbaijan, Sept. 30
By Aygun Badalova - Trend:
Spanish Enagás has become a new shareholder in the Trans Adriatic Pipeline (TAP) project with a 16-percent stake in the company, TAP said on September 30.
In addition, existing shareholder Belgium-based Fluxys has increased its stake in TAP from 16 percent to 19 percent.
The new arrangement follows the purchase by Enagás and Fluxys of the 19 percent of TAP shares previously owned by E.ON (nine percent) and Total (10 percent).
TAP's shareholding is now comprised of BP (20 percent), SOCAR (20 percent), Statoil (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (five percent).
The TAP project was selected by the consortium of Azerbaijani Shah Deniz field development as the transportation route to the European markets.
The 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. The first gas sales to Georgia and Turkey are targeted for late 2018, first deliveries to Europe will follow approximately a year later.