Statoil to sell its shares in TAP project to Italian company

Shares will be sold for a total consideration of 208 million euros

Baku. 1 December. REPORT.AZ/ Statoil will sell its interest in the Trans Adriatic Pipeline (TAP) project to the Italian gas infrastructure company Snam SpA for a total consideration of 208 million euros, Report informs referring to Statoil.

This amount is for both Statoil’s shares in TAP and its pro-quota portion of the loans currently granted to TAP by its shareholders, according to the report.

The total consideration will be adjusted at closing.

Statoil and Snam have agreed to undertake the transaction provided certain conditions are met. The transaction is expected to close by end 2015.

The divestment of Statoil's interest in TAP follows the company's sale of 10 percent of its interest in the Shah Deniz Production Sharing Agreement and South Caucasus Pipeline Company Limited (SCPC) to BP and SOCAR announced in May 2014, and agreement in October 2014 with PETRONAS for the sale of Statoil’s remaining 15.5 percent share in Shah Deniz, 15.5 percent share in SCPC and 12.4 percent share in the Azerbaijan Gas Supply Company.

TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe.

The approximately 870 km long pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP is a joint-venture between BP (20%),SOCAR(20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

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