Enagás joins Trans Adriatic Pipeline

Trans Adriatic Pipeline AG (TAP) has announced that Enagás has joined the project as a new shareholder with a 16% stake in the company. In addition, existing shareholder Fluxys has increased its stake in TAP from 16% to 19%.

The new arrangement follows the purchase by Enagás and Fluxys of the 19% of TAP shares previously owned by E.ON (9%) and Total (10%). TAP’s shareholding is now comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

Kjetil Tungland, Managing Director at TAP, 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.”

Andy Lane, Chairman of the Board of Directors for TAP AG, said: “As we prepare for the next crucial stage, starting with the construction of roads and bridges in Albania in early 2015, I would also like to thank both E.ON and Total for their strong commitment and contribution to TAP’s development and welcome Enagás as a new shareholder in TAP.”

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/30092014/enagas-joins-trans-adriatic-pipeline-860/