Financial close confirms E.ON Ruhrgas as new partner in TAP

E.ON’s participation, announced in May, is a significant step in the realization of the TAP project which plans to build a 520-km pipeline with a capacity of between 10 and 20 bcm per year from Greece, through Albania and the Adriatic Sea, to Italy. Statoil and EGL now each hold a 42.5% shareholding in the project company.

Making the announcement, TAP Managing Director Kjetil Tungland commented: “E.ON Ruhrgas has a strong track record in the successful development of gas projects in both the upstream and downstream sectors. Their additional knowledge and expertise will further strengthen our project as we continue to make steady progress.”

TAP will open the Southern Gas Corridor by offering the shortest route to market for natural gas from the Caspian and Middle East. The project, which will enhance both security and diversity of gas supply to Europe still remains open for additional partners, said Mr. Tungland.

The Trans Adriatic Pipeline is supported by the EU as a TEN-E project (Trans European Networks – Energy), in conformance with its energy policy and has been categorized by the EU Commission as an EU Interconnector. The development of TAP will continue to comply with all EU gas transport policies. Furthermore, the project enjoys political support and is named as part of the Italy Albania IGA (intergovernmental agreement).

The project has established registered branches in all three host countries and is currently in front-end engineering. A feasibility study was concluded in 2006 with basic engineering completed in 2007 and the offshore survey finished in early 2009. TAP is committed to adhering to the highest environmental and social standards and has conducted extensive re-routing studies and consultations in and during 2009.

About TAP

The 520km long pipeline will transport gas via and and across the Adriatic Sea to ’s southern region and further to . The project is aimed at enhancing security of supply as well as diversification of gas supplies for the European markets. TAP will open a new so-called Southern Gas Corridor to Europe and market outlet for natural gas from the Caspian Sea and regions. The project is designed to expand transportation capacity from 10 to 20 bcm per year depending on throughput. The TAP project also envisages the development of natural gas storage facilities in to further ensure security of supply during operational interruptions of gas deliveries. 

Further information

Further information on the announcement of E.ON’s participation in the TAP project you will find here or on the following website: www.trans-adriatic-pipeline.com.

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