Statoil has agreed to sell its 20% stake in the Trans Adriatic Pipeline to Italian gas infrastructure firm Snam for EUR208million.
The decision to sell follows Statoil’s sale of its share in the Shah Deniz gas field in Azerbaijan. The amount paid by Snam is for both Statoil’s shares in TAP and its pro-quota portion of the loans currently granted to TAP by its shareholders.
The total consideration will be adjusted at closing, which expected to by concluded by year end.
When constructed, the 8822km TAP will be the westernmost section of the Southern Gas Corridor, a 3,500 km long gas value chain linking Shah Deniz Stage 2 to gas markets in Europe. The pipeline will pass through Turkey, Greece, Albania and the Adriatic Sea before coming onshore in Southern Italy where it will link to the Snam-operated Italian natural gas network.
Executive vice president of marketing, midstream and processing Jens Økland, said: “We are pleased to announce this agreement with Snam which will realise value from our stake in TAP, of which we have been a part-owner since 2008. This divestment increases our financial flexibility and is in line with our strategy of portfolio optimisation and capital prioritisation.”