The Trans
Adriatic Pipeline (TAP), and members of the Shah Deniz Consortium have selected
Socié té Générale Corporate & Investment Banking to provide financial guidance
to the project during its preparatory and construction phases. The decision was
made by TAP, itsshareholders Axpo, Statoil and E.ON Ruhrgas, and Shah
Deniz Consortium members SOCAR, BP and Total as potential investors in TAP.
Société Générale Corporate & Investment Banking was named Oil & Gas
Financial Adviser of the Year for 2010 and 2012 by Infrastructure Journal, and
is a leading adviser to cross border pipelines, most recently the Nord Stream
EUR 7.4bln project.
Société Générale will initially assist TAP’s management team with structuring
the pipeline's project finance strategy, carrying out a bankability review and
formulating a credible and deliverable funding plan.
Following the Shah Deniz Consortium’s selection of its preferred pipeline to
Europe and TAP’s shareholders’ ‘Resolution to Construct’, expected in September
2013, Société Générale will support TAP in the implementation of the plan and
the raising of any required capital.
In the wake of the recent completion of an Intergovernmental Agreement on TAP
by the Governments of Greece, Albania and Italy, today’s announcement
demonstrates TAP’s readiness to transport Caspian gas to Western markets. The
pipeline has been designed to synchronise with the Shah Deniz Consortium’s
delivery timetable and will be ready when the gas comes on stream.
Kjetil Tungland, Managing Director of TAP, commented: "I am pleased that
TAP, its shareholders and members of the Shah Deniz Consortium, have worked
together and come to a final decision in selecting a financial advisor. Today’s
nomination is another step in making the Trans Adriatic Pipeline a reality. TAP’s
financial strength is well-known - our offer remains the most strategic and
compelling commercially , not least because we are the only pipeline that does
not require public funds.”
“As we approach the next stage in TAP’s development, Société Générale will
support us in structuring financing for the project, enabling us to deliver the
highest value to our customers and investors. We’re delighted to be working
with an organisation of their pedigree and expertise. This appointment is
further validation of the strength of our proposal.”