The major players in the consortium behind the giant Shah Deniz II field in Azerbaijan have taken a 50% stake in the pipeline which will carry its gas to Europe.
Socar, BP and Total – who are developing the 100billion cubic metre gas field – have exercised their option to take a stake in the Trans Adriatic Pipeline.
Last month the Trans Adriatic Pipeline bid won the race to carry gas from the Shah Deniz II ahead of a bid by OMV.
BP and Socar will take a 20% stake in the project, while Total have taken a 10% share. Gas transit operator Fluxys has taken a 16% stake, alongside existing shareholders Axpo, Statoil and E.On.
“Our new shareholders will significantly enhance TAP’s strategic position in becoming an integral link between both their upstream and downstream businesses,” said the pipeline project’s managing director Kjetil Tungland.
“This will further strengthen the integration of the entire Southern Gas Corridor value chain and support TAP’s delivery of the project on time and on budget.”
The 540-mile pipeline, which will route from Turkey through Greece and Albania to Southern Italy, will deliver 10billion cubic metres a year from the field, with production due to start in 2019.
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