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02.12.2015 09:26

STATOIL sells its stake in TAP to Italys snam for eur 208 million

Following the divestment of its share in the Shah Deniz gas field in Azerbaijan, Statoil has agreed to sell its 20% interest in Trans Adriatic Pipeline AG to the Italian gas infrastructure company Snam SpA for a total consideration of EUR 208 million.

Statoils press release says that the amount of the transaction can be specified after the transaction closure by the end of 2015.

Were pleased to announce this agreement with Snam which will realise value from our stake in TAP, of which we have been a part-owner since 2008. This divestment increases our financial flexibility and is in line with our strategy of portfolio optimisation and capital prioritisation, says Jens Okland, Statoils executive vice president for Marketing, Midstream and Processing.

TAP, construction of which will begin in the spring of 2016, is designed for transportation of gas to Europe within Shah Deniz 2 Project (Azerbaijans gas condensate field Shah Deniz in the Caspian Sea).

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