Enagas has joined the Trans Adriatic Pipeline AG (TAP) project as a new shareholder with a 16% stake in the company. Separately, existing shareholder Fluxys has increased its TAP stake to 19% from 16%.
The new arrangement follows the purchase by Enagas and Fluxys of the 19% of TAP shares previously owned by E.On AG (9%) and Total SA (10%).
TAP’s shareholding is now comprised of BP PLC 20%, State Oil Co. of Azerbaijan Republic 20%, Statoil ASA 20%, Fluxys 19%, Enagas 16%, and Axpo 5%.
TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The 870-km pipeline will connect with Trans Anatolian Pipeline near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in southern Italy.