BP PLC, State Oil Co. of Azerbaijan Republic (SOCAR), and Total SA—members of the international consortium developing Shah Deniz field in Azerbaijan—have exercised their option to join Trans Adriatic Pipeline AG. BP and SOCAR each have taken a 20% share, while Total has acquired 10%. Fluxys, a major gas transit operator in Europe, also joined TAP, taking a 16% stake in the project.
TAP’s shareholders now are BP 20%, SOCAR 20%, Statoil 20%, Fluxys 16%, Total 10%, E.On 9%, and Axpo 5%. Axpo and Statoil previously held 42.5% each, with E.On holding the remaining 15% share.
TAP said its shareholders remain open to further strategic partners joining the project in the future.
The Shah Deniz II consortium earlier this year selected TAP as the project’s European natural gas transport option (OGJ Online, June 26, 2013). TAP will transport as much as 20 billion cu m/year from Shah Deniz through Greece and Albania to Italy, from where it can be shipped further into Western Europe.
Contact Christopher E. Smith at email@example.com.