Axpo secures international partners for TAP
and reduces its interest in the project to five percent
Axpo has reduced its share in the Trans Adriatic Pipeline (TAP) from 42.5 to five percent. The international oil and gas corporations BP, Socar and Total, major shareholders in the Shah Deniz field in Azerbaijan, and the Belgian natural gas transmission system operator, Fluxys, have taken over 66 percent of TAP shares from the current owners Axpo, Statoil, and E.On.
After TAP had been selected by the Shah Deniz Consortium, Axpo had announced that it would reduce its 42.5 percent engagement to a one-digit percentage. With a share of five percent, Axpo remains on the TAP board of directors. Along with this shareholding in TAP, Axpo will use a capacity of 1 billion cubic metres of natural gas per year for long-term procurement and deliveries. Price details regarding the sale were not disclosed.
The Shah-Deniz shareholders BP, Socar and Total took over 50 percent of the TAP shares today in Zurich. The Belgian natural gas transmission system operator Fluxys took over 16 percent. The possibility of participation by BP (20 percent), Socar (20 percent), and Total (10 percent) was already agreed in principle before the TAP selection. Fluxys announced its interest to acquire shares in the project this spring. The current shareholders Axpo, Statoil and E.On will remain TAP partners.
Axpo welcomes the participation of these new partners, who have strong competencies in the area of exploration and development, pipeline construction and operation, as well as financing. Together with all the shareholders, this will provide strong support for the positive development of the Southern Corridor.
The next milestone is TAP’s resolution to construct. Axpo is confident that its share in this natural gas infrastructure project will contribute to the long-term success of the Group, as well as to the diversification of energy supply in Switzerland.
The approx. 880 kilometre long TAP route runs from the Turkish border through Greece and Albania to Italy, and will create access to attractive markets. In opening the Southern Corridor, TAP will reinforce European and Swiss natural gas supply security, and strengthen Switzerland’s position as a player in the EU gas market.
Source: Axpo Corporate Communications
July 30, 2013
Shah Deniz Consortium selects
TAP as European export pipeline
(European Petroleum Technology, June 28, 2013
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