New shareholder joins TAP project

Tirana, December 2, 2015

Trans Adriatic Pipeline press office has announced that Snam Spa company will buy the shares Statoil company owns at TAP project. Statoil company is one of the biggest shareholders since it owns 20% of project’s shares. This was declared in an official press declaration by the TAP office on Wednesday, December 2^nd.

According to the press declaration, Statoil company and Snam Spa have agreed that the shares transaction will be made after the companies meet several conditions defined in the agreement and is expected that the companies will reach a final agreement within December 2015. The shareholders of TAP project have changed within time since the project started to implement. TAP is currently shared between 6 international companies, as following:

BP – 20%

Socar – 20%

Snam spa – 20%

Fluxys – 19%

Enagas – 16%

Axpo – 5%

Trans Adriatic Pipeline is one of the largest oil transmission projects in the European continent and will distribute reserves of oil from Shah Deniz field to the European countries including Albania. The project will be implemented partially in the territory of Albania, by becoming so the biggest foreign investment in the country.

The works on the ground have begun by constructing bridges and roads in the areas where the pipeline will be constructed. The first sales of oil are expected to happen by the end of 2018 for Turkey and Georgia while the distribution of the Azerbaijani oil into the European market is predicted to happen by 2020.

News source/photo credits: ATA