Brussels, Thursday, May 20, 2010
EGL and Statoil today announced the divestment of a combined stake of 15% in the Trans Adriatic Pipeline project (TAP) to E.ON Ruhrgas - a leading energy provider.
New partner for TAP
The new shareholder structure of the Trans Adriatic Pipeline project now comprises of EGL holding a 42.5% share, Statoil holding a 42.5% share and the new partner E.ON Ruhrgas holding 15%.
This is a strategic move and a significant step in the realization of the TAP project. E.ON Ruhrgas has a long history in the successful development of gas projects in the upstream and downstream sectors and brings additional knowledge and expertise that will further strengthen the Trans Adriatic Pipeline project. TAP still remains open for additional partners to join the project.
The Trans Adriatic Pipeline is the logical link in the value chain that connects existing and planned natural gas transport grids in south-east Europe with gas systems in western Europe via Italy, the Adriatic Sea, Albania and Greece. The realization of TAP will ensure that Europe has a direct and cost efficient access to the major natural gas reserves of the Caspian region and the Middle East, thereby contributing to European energy security.
Hans Schulz, EGL CEO stated: “It has always been our intention to attract additional strong partners able to add value to this project. These include partners who are active in the construction of pipelines and gas distribution and thus contribute to TAP’s success. The project now comprises of a group of companies with complementing capabilities.”
Additional information:
joint press release
TAP Media Office
Lisa Givert
Head of Communications
Phone: +41 795 366 016 or +41 41 747 3451
