Statoil Leaves TAP Project

The Norwegian company Statoil has decided to sell its 20% stake in the Trans Adriatic Pipeline (TAP) to the Italian Snam for 208 million euros. This is stated in the message posted on the site Statoil.

The amount of the transaction in addition to the 20% share of Statoil also includes a proportionate part of its loans to the shareholders of the consortium TAP.

The TAP project is designed to transport gas from the second stage of development of Azerbaijani gas from the condensate field Shah Deniz to the EU.

Statoil left the TAP project because piping is not its core activity and the company intends to focus on oil and gas production projects.

The transaction can be considered reasonable for Statoil, taking into account that the construction works have not started yet. Construction of TAP is scheduled to begin in 2016. -0-

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