TAP is pleased to announce
that Snam S.p.A. (Snam) will shortly join TAP’s shareholding by acquiring a
20% stake in the project from Statoil. The news follows Statoil’s
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, TAP’s shareholding will be comprised of BP (20%), SOCAR
(20%), Snam S.p.A. (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).
Ian Bradshaw, Managing
Director for TAP, said: "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.
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 TAP’s strategic position
as a truly European project that will transport a new source of gas to the
continent’s energy markets.”