Statoil ASA, an integrated oil and gas company, intends to sell its 20% interest in Trans Adriatic Pipeline AG (TAP), a company that holds the Trans Adriatic gas pipeline project, according to the president of The State Oil Company of Azerbaijan Republic (SOCAR).
According to the sources, the transaction is estimated to be valued at approximately €400 million (MM) (US$433.11 MM). Trans Adriatic Pipeline has 870 km in length which will connect with the Trans Anatolian Pipeline near the Turkish-Greek border at Kipoi, cross Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.
Currently, the partners in the TAP are BP p.l.c. (20%), SOCAR (20%), Statoil (20%), Fluxys SA(19%), Enagas, S.A. (16%) and Axpo Holding AG (5%). Rovnag Abdullayev, president of SOCAR, said, "Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake. Several companies have expressed an interest in buying Statoil's stake, and it would be better if several companies would buy it.”