Enagas reveals value of new stake in TAP

Gas Materials 27 January 2023 16:44
Baku, Azerbaijan Trend News Agency
Enagas reveals value of new stake in TAP

Spanish Enagás has agreed with the Swiss company Axpo to purchase a 4% stake in Trans Adriatic Pipeline (TAP) for 168 million euros, percentage that is added to the 16% that the company already owns in TAP, Trend reports with reference to the company.

"With this operation, Enagás reinforces the fulfilment of the objective announced in the presentation of its 2022-2030 Strategic Plan to contribute to reinforcing the security of energy supply and decarbonisation in Europe. After the closing of the acquisition, the shareholding composition of TAP will remain with a 20% participation of Enagás, the same percentage as the British company BP, the Azeri SOCAR, the Italian Snam and the Belgian Fluxys. The latter has also achieved this percentage following an agreement to acquire a 1% stake from Axpo," said the company.

Enagas noted that with these two purchase operations of Axpo’s shareholding by Enagás (4%) and Fluxys (1%), the role of European Transmission System Operators (TSOs) in this strategic infrastructure for the European Union is strengthened, facilitating progress in its security of supply and decarbonisation objectives.

As the European section of the Southern Gas Corridor, TAP has the capacity to transport approximately 10 billion cubic meters of gas per annum (bcm/a) to several markets in Europe. The pipeline is also designed with the potential to expand its throughput capacity up to 20 bcm/a.

TAP is strategically and economically important to Europe and essential in providing reliable access to a new source of natural gas. TAP plays a significant role in boosting Europe’s energy security, supply diversification, as well as decarbonisation objectives.