Germany’s E. ON Ruhrgas joins TAP project

TIRANA, May 20 – German energy giant E.ON Ruhrgas has become the third shareholder in the Trans-Adriatic pipeline (TAP) project, the project’s representatives announced.
The new shareholder structure of the Trans Adriatic Pipeline project now comprises of EGL holding a 42.5% share, Statoil holding a 42.5% share and the new partner E.ON Ruhrgas holding 15%.
The Trans-Adriatic pipeline, which is a part of the Southern Corridor, is designed to transport gas from the Caspian region and the Middle East to Europe. The pipeline will begin in Greece and pass through the territory of Albania and the Adriatic Sea, later to Italy.
The gas pipeline includes a 115-kilometer-underwater section from Albania to Italy. Estimated cost of the project pipeline will be 2.2 billion dollars. The initial capacity of the pipeline is 10 billion cubic meters, maximum – 20 billion cubic meters a year.
Statoil Executive Vice President Rune Bjornson said the joining of a new shareholder will strengthen the TAP project in the future, and in particular its ability to compete in terms of gas volumes transported from the Caspian region to Europe.
Bjornson also noted the recent positive developments on the gas agreements reached between Turkey and Azerbaijan.
“Such agreement will pave the way for new gas resources in the European market, where Statoil will be a key supplier,” Bjornson said.
Hans Schulz, EGL CEO said “It has always been our intention to attract additional strong partners able to add value to this project. These include partners who are active in the construction of pipelines and gas distribution and thus contribute to TAP’s success. The project now comprises of a group of companies with complementing capabilities.”