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Snam becomes shareholder in TAP

Snam becomes shareholder in TAP

Date: 18 December 2015 10:17

Baku, Azerbaijan, Dec. 18

By Aygun Badalova - Trend:

Italian Snam S.p.A. has completed its acquisition of Statoil’s 20-percent interest in the Trans Adriatic Pipeline (TAP) project, said the message on TAP's official website.

As a result, TAP’s shareholding is now comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).

Having Snam in the 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, according to Ian Bradshaw, Managing Director for TAP.

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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