Statoil Divests From Another Major Transnational Pipeline Project
Statoil has announced that it is selling its interest in the Trans Adriatic Pipeline AG (TAP) to Snam SpA for €208 million.
Up to now, TAP’s shareholding has been comprised of BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%). Snam SpA will be assuming Statoil's 20 % share and previous role in the consortium.
“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”, says Jens Økland, executive vice president for Marketing, Midstream and Processing.
This divestment follows Statoil’s sale of 10% of its interest in the Shah Deniz Production Sharing Agreement and South Caucasus Pipeline Company Limited (SCPC) to BP and SOCAR announced in May 2014, and agreement in October 2014 with PETRONAS for the sale of Statoil’s remaining 15.5% share in Shah Deniz, 15.5% share in SCPC and 12.4% share in the Azerbaijan Gas Supply Company.
Statoil and Snam have agreed to undertake the transaction provided certain conditions are met. The transaction is expected to close by end 2015.