TIRANA, Dec. 1 – Italy’s Snam has joined the Trans Adriatic Pipeline after acquiring a 20 percent from Norway’s Statoil in the project bringing Caspian gas to Europe.
Statoil, which was one of the top three shareholders in the project, said it has agreed to sell its 20 percent TAP stake to Italian gas and infrastructure company Snam SpA for a total of €208 million.
“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,” said Ian Bradshaw, the managing director for TAP.
TAP’s shareholding will now be comprised of UK’s BP (20 percent), Azerbaijan’s SOCAR (20 percent), Italy’s Snam (20 percent), Belgium’s Fluxys (19 percent), Spain’s Enagà¡s (16 percent) and Switzerland’s Axpo (5 percent). With first gas sales to Georgia and Turkey targeted for late 2018, first deliveries to Europe will follow approximately in early 2020.
TAP has already launched its works in the Albanian section with the construction of access roads and bridges. Its route through Albania is approximately 215 km onshore and 37 km offshore in the Albanian section of the Adriatic Sea.
TAP which is expected to bring gas to Europe through Greece, Albania and Italy will generate one of that Albania’s largest FDI projects, with important benefits for a number of industries, including manufacturing, utilities and transport, experts say.
