Enagás has joined the Trans Adriatic Pipeline (TAP) project as a new shareholder with a 16% stake in the company known as Trans Adriatic Pipeline AG. The company also announced that existing shareholder Fluxys 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.”