The pipeline
Norway's Statoil has decided to sell its 20% share in the Trans Adriatic gas pipeline (TAP) project, which is 870 km (545 miles) and carries 16 billion m3 of gas from Azerbaijan to Europe.
Comments from Statoil
The President of SOCAR, Rovnag Abdullayev, stated: "Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake… several companies have expressed an interest in buying Statoil's stake, and it would be better if several companies would buy it.”
Shares for Snam?
Statoil has successfully sold its shares in Azerbaijan's Shah Deniz gas field, as well as the South Caucasus Pipeline (SCP), to SOCAR, BP and Malaysia's Petronas.
Snam – an Italian gas infrastructure company – stated it could take the 20% share in the TAP project, which can be valued at US$433.72 million.
Edited from Reuters and Azernews by Stephanie Roker
Read the article online at: https://www.worldpipelines.com/business-news/21072015/statoil-leaves-tap/