Statoil and EGL has divested a combined stake of 15% in the Trans Adriatic Pipeline Project (TAP) to E.ON. Ruhrgas.
The new shareholder structure of the Trans Adriatic Pipeline project now comprises of EGL holding a 42.5% share, Statoil holding a 42.5% share and the new partner E.ON Ruhrgas holding 15%.
This is a strategic move and a significant step in the realization of the TAP-project. E.ON Ruhrgas has a long history in the successful development of gas projects in the upstream and downstream sectors and brings additional knowledge and expertise that will further strengthen the Trans Adriatic Pipeline project. TAP still remains open for additional partners to join the project.
The Trans Adriatic Pipeline connects existing and planned natural gas transport grids in southeast Europe with gas systems in western Europe via Italy, the Adriatic Sea, Albania and Greece.
The realization of TAP will ensure that Europe has a direct and cost efficient access to the major natural gas reserves of the Caspian region and the Middle East, thereby contributing to European energy security.
Rune Bjørnson, executive vice president for Natural Gas at Statoil said: “Today’s move will further strengthen the TAP-project and its ability to compete for gas volumes to be transported from the Caspian region to Europe.”
He added: "Statoil as a resource owner in Shah Deniz is delighted to note the recent positive developments with regards to a potential gas package deal between Turkey and Azerbaijan. Such an agreement will pave the way for the development of new gas resources to the European market in which Statoil will be a key provider."
Hans Schulz, EGL CEO stated: “It has always been our intention to attract additional strong partners able to add value to this project. These include partners who are active in the construction of pipelines and gas distribution and thus contribute to TAP’s success. The project now comprises of a group of companies with complementing capabilities.”
Sustainable European gas supply
Jochen Weise, Member of the Board of Directors and Head of Gas Supply for E.ON Ruhrgas said: "By joining TAP we are enabling our company to place its already well diversified supply portfolio on an even broader foundation in the future, thus making an important contribution to security of supply in Europe and particularly, in southern and south-eastern Europe. With this investment, E.ON Ruhrgas focuses on the expansion of national or international transmission infrastructure. Such investments in European gas infrastructure combined with long-term gas supply contracts are indispensable so as to ensure European gas supply on a long-term basis at the familiar high standards of reliability."
The new shareholder agreement was signed in Brussels today. Due to regulatory requirements, the deal is expected to be concluded by the end of June 2010.