Enagás, Fluxys Buy Out Total, E.ON from TAP Project

Enagás and Fluxys have signed an agreement to acquire 19% of Total and E.ON’s stake in the company that is developing the Trans Adriatic Pipeline (TAP) project, in which Enagás will hold a 16% stake.

TAP’s shareholding is now comprised of BP (20%), Socar (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%). Fluxys previously held a 16% stake.

This project involves the construction of an 871 km long pipeline linking Turkey and Italy and running through Greece and Albania, including the associated compressor stations. The pipeline will run for 547 km through Greece, 211 km through Albania, 8 km through Italy and 105 km offshore under the Adriatic Sea, with an initial capacity of 10 bcma (billion cubic metres per annum). In line with the timetable of the Shah Deniz field in the Caspian Sea, first gas deliveries of gas to TAP in Europe are scheduled for approximately 2019.

The TAP is part of the so-called Southern Gas Corridor, a project designed to supply Europe with natural gas from the Caspian Sea, which will help guarantee the EU’s energy security.

Press Release, September 30, 2014