July 2010 Vol. 237 No. 7

Projects

E.ON Ruhrgas Becomes Shareholder In Trans Adriatic Pipeline

Statoil and EGL announced divestment of a combined stake of 15% in the Trans Adriatic Pipeline project (TAP) to E.ON Ruhrgas. The new shareholder structure of the TAP project now comprises EGL holding (42.5%), Statoil (42.5%) and E.ON Ruhrgas (15%).

This is a strategic move and a significant step in the realization of the TAP project. E.ON Ruhrgas has a long history in successfully developing gas projects in the upstream and downstream sectors and brings additional knowledge and expertise that will further strengthen the Trans Adriatic Pipeline project. TAP still remains open for additional partners to join the project.
 
The TAP is the logical link in the value chain that connects existing and planned natural gas transport grids in southeast Europe with gas systems in Western Europe via Italy, the Adriatic Sea, Albania and Greece. The realization of TAP will ensure that Europe has a direct and cost-efficient access to the major natural gas reserves of the Caspian region and the Middle East, thereby contributing to European energy security.