Enagás joins Trans Adriatic Pipeline AG
Enagás has joined the Trans Adriatic Pipeline project as a new shareholder with a 16 per cent stake in the Trans Adriatic Pipeline AG (TAP) company, reported today Pipelines International.
In addition, existing shareholder Fluxys has increased its stake in TAP from 16 per cent to 19 per cent.
The new arrangement follows the purchase by Enagás and Fluxys of the 19 per cent of TAP shares previously owned by E.ON (9 per cent) and Total (10 per cent). TAP’s shareholding is now comprised of BP (20 per cent), SOCAR (20 per cent), Statoil (20 per cent), Fluxys (19 per cent), Enagás (16 per cent) and Axpo (5 per cent), according to Turan agency
The TAP project will transport natural gas from the Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km pipeline will connect with the Trans Anatolian Pipeline (TANAP) near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in southern Italy.
TAP Managing Director Kjetil Tungland said “The TAP Joint Venture has always been open to new strategic partners and I am very pleased to welcome Enagás to TAP. This continues our successful joint-venture model that has brought producers, midstream players and gas buyers together to develop this important project.
Enagás, as a major gas company with a long track record of important infrastructure investments in Europe and South America, will help to enhance TAP’s strategic position as a truly European project that will transport a new source of gas to the continent’s energy markets." –12D--
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review