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02.12.2015 09:24

Having snam in the project will continue to enhance TAPs strategic position

I am delighted that Snam S.p.A. will join the TAP project. The TAP joint venture has always been open to new strategic partners and I will be very pleased to welcome Snam S.p.A. to TAP, Ian Bradshaw, Managing Director for TAP, said.

This continues our successful joint venture model that has brought producers, midstream players and gas buyers together to develop this important project. Having Snam in the project will continue to enhance TAPs strategic position as a truly European project that will transport a new source of gas to the continents energy markets, he added.

TAP is pleased to announce that Snam S.p.A. (Snam) will shortly join TAPs shareholding by acquiring a 20% stake in the project from Statoil. The news follows Statoils announcement this morning that it has agreed to sell its shareholding in TAP, by which it will divest its 20% interest stake in the project. Statoil and Snam have agreed to undertake the transaction provided certain conditions are met. The transaction is expected to close by end 2015.

Following closing, TAPs shareholding will be comprised of BP (20%), SOCAR (20%), Snam S.p.A. (20%), Fluxys (19%), Enagas (16%) and Axpo (5%).

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