BAKU, Azerbaijan, November 16. Swiss Axpo, which holds 5 percent in the Trans Adriatic Pipeline (TAP), is said to sell its stake, Trend reports November 16 via Italian media.
Milano Finanza has learned from several sources that Axpo wants to sell its TAP share for 250 million euros.
“The other shareholders are likely to buy this stake in proportion to what is already held in the asset. As such, SOCAR and Snam will have the largest share, followed by Fluxys and Enagás. This will allow Axpo to get considerable amount of funds for its green energy projects,” said the sources.
In response to Trend’s question, Axpo refused to comment on this matter.
“We do not comment on market rumour and speculation,” said the company.
As the European section of the Southern Gas Corridor, TAP has the capacity to transport approximately 10 billion cubic meters of gas per annum (bcm/a) to several markets in Europe. The pipeline is also designed with the potential to expand its throughput capacity up to 20 bcm/a.
TAP is strategically and economically important to Europe and essential in providing reliable access to a new source of natural gas. TAP plays a significant role in boosting Europe’s energy security, supply diversification, as well as decarbonisation objectives.
TAP’s shareholding is comprised of bp (20 percent), SOCAR (20 percent), Snam (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).
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