Trans Adriatic Pipeline AG (TAP) has announced that Enag谩s has joined the project as a new shareholder with a 16% stake in the company. In addition, existing shareholder Fluxys has increased its stake in TAP from 16% to 19%.
The new arrangement follows the purchase by Enag谩s and Fluxys of the 19% of TAP shares previously owned by E.ON (9%) and Total (10%). TAP鈥檚 shareholding is now comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enag谩s (16%) and Axpo (5%).
Kjetil Tungland, Managing Director at TAP, said: 鈥淭he TAP Joint Venture has always been open to new strategic partners and I am very pleased to welcome Enag谩s to TAP. This continues our successful joint-venture model that has brought producers, midstream players and gas buyers together to develop this important project. Enag谩s, as a major gas company with a long track record of important infrastructure investments in Europe and South America, will help to enhance TAP鈥檚 strategic position as a truly European project that will transport a new source of gas to the continent鈥檚 energy markets.鈥�
Andy Lane, Chairman of the Board of Directors for TAP AG, said: 鈥淎s 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鈥檚 development and welcome Enag谩s as a new shareholder in TAP.鈥�
Adapted from press release by