Enagás and Fluxys have signed an agreement to acquire 19% of Total and E.ON's stake in the company that is developing the Trans Adriatic Pipeline (TAP) project, in which Enagás will hold a 16% stake.
TAP's shareholding is now comprised of BP (20%), Socar (20%), Statoil (20%), Fluxys (19%*), Enagás (16%) and Axpo (5%).
This project involves the construction of an 871 km long pipeline linking Turkey and Italy and running through Greece and Albania, including the associated compressor stations. The pipeline will run for 547 km through Greece, 211 km through Albania, 8 km through Italy and 105 km offshore under the Adriatic Sea, with an initial capacity of 10 bcma (billion cubic metres per annum). In line with the timetable of the Shah Deniz field in the Caspian Sea, first gas deliveries of gas to TAP in Europe are scheduled for approximately 2019.
The TAP is part of the so-called Southern Gas Corridor, a project designed to supply Europe with natural gas from the Caspian Sea, which will help guarantee the EU's energy security.
The European market is one of the key areas of international growth specified in the Enagás 2013-2015 Strategic Update. Therefore, participating in this project is a major step forward in the company's internationalisation process.
For further information on TAP, please see http://www.tap-ag.com/
About Enagás
Enagás is Spain’s leading natural gas transmission company and technical manager of the Spanish gas system. In Spain it operates 11,000 km of gas pipeline, five regasification plants and three strategic storage plants.
The company is present in Mexico, Chile and Peru. In Mexico it owns 40% of the TLA Altamira regasification plant and is involved in the development of gas pipelines and compressor stations, while in Chile it is the majority shareholder in the GNL Quintero terminal. The company has been present in Peru since March this year, with a 20% stake in Transportadora de Gas del Perú (TgP) and 30% of Compañía Operadora de Gas del Amazonas (Coga). Also, on 30 June, the consortium made up of Enagás and Odebrecht was awarded the project for the approximately 1,000 km long Gasoducto del Sur Peruano project.
* Fluxys previously held a 16% stake
