Total, BP, SOCAR, and Fluxys join the TAP project

Jul 31, 2013 12:00 AM

The Trans Adriatic Pipeline AG (TAP) today announced that BP, SOCAR and Total - members of the international consortium developing the giant Shah Deniz field in Azerbaijan - have exercised their option to join the Trans Adriatic Pipeline AG.

BP and SOCAR have each taken a 20% share while Total has acquired 10%. In addition, Fluxys, a major gas transit operator in Europe, has opted to join TAP, taking a 16% stake in the project. TAP’s shareholders, Axpo of Switzerland, Statoil of Norway and E.ON of Germany also continue their support of the project. TAP’s shareholding is now comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).

Kjetil Tungland, Managing Director for TAP said: “I would like to welcome the Shah Deniz shareholders and Fluxys to the TAP project. Our new shareholders will significantly enhance TAP’s strategic position in becoming an integral link between both their upstream and downstream businesses. This will further strengthen the integration of the entire Southern Gas Corridor value chain and support TAP’s delivery of the project on time and on budget. ”

TAP’s shareholders remain open to further strategic partners joining the project in the future.

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