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Financial close confirms E.ON Ruhrgas as new partner in TAP

07 korrik 2010

Statoil and EGL today announced the successful financial close of E.ON Ruhrgas’s 15% shareholding in the Trans Adriatic Pipeline (TAP) project.

E.ON’s participation, announced in May, is a significant step in the realization of the TAP project which plans to build a 520-km pipeline with a capacity of between 10 and 20 bcm per year from Greece, through Albania and the Adriatic Sea, to Italy.  Statoil and EGL now each hold a 42.5% shareholding in the project company.

Making the announcement, TAP Managing Director Kjetil Tungland commented: “E.ON Ruhrgas has a strong track record  in the successful development of gas projects in both the upstream and downstream sectors. Their  additional knowledge and expertise will further strengthen our  project as we continue to make steady progress.”

TAP will open the Southern Gas Corridor by offering the shortest route to market for natural gas from the Caspian and Middle East. The project, which will enhance both security and diversity of gas supply to Europe still remains open for additional partners, said Mr Tungland.

Media Release: Financial close confirms E.ON Ruhrgas as new partner in TAP