Axpo, Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power, has agreed the sale of its 5% stake in the Trans Adriatic Pipeline AG (TAP) to TAP shareholders Fluxys and Enagás S.A.
Under the sale and purchase agreement, Belgium’s Fluxys will acquire 1% and Spain’s Enagás 4% of Axpo’s 5% equity stake. Both companies will thus reach 20% ownership of TAP, which includes UK shareholder bp (20%), Azerbaijan’s SOCAR (20%), and Italy’s Snam (20%).
The value of the transaction amounts to 210 million euros. The transaction is subject to customary conditions and closing is expected in the second half of 2023.
The Trans Adriatic Pipeline operates the natural gas transportation infrastructure from the Greek border with Turkiye through Greece, Albania and the Adriatic Sea to Southern Italy. The 878 km pipeline is part of the 3,500 km Southern Gas Corridor, transporting natural gas to Europe from the Shah Deniz II field in Azerbaijan. TAP has a capacity of approximately 10 billion cubic meters annually (bcm/a) and started transporting first Caspian gas at the end of 2020. In the future, TAP could double its capacity to 20 bcm/a.
The TAP AG consortium is considering three scenarios for increasing the pipeline capacity: limited - up to 14.4 billion cubic meters, partial - up to 17.1 billion cubic meters and full - up to 20 billion cubic meters per year.
https://report.az/en/energy/enagas-fluxys-increasing-stake-in-trans-adriatic-pipeline/