Snam to buy stake in TAP
Snam has agreed to buy a 20% stake in the Trans Adriatic Pipeline (TAP) from Statoil in a move that will expand the Italian gas transporter’s geographical footprint and strengthen its ambition to create a gas hub, reports Reuters. State-controlled Snam said it would pay Statoil €130mn (£91mn) for the stake in the pipeline which will carry gas from the Shakh Deniz II field in Azerbaijan to Europe, by the end of the decade. It will also take over a Statoil €78mn (£54.6mn) loan to TAP.
News Item details
Journal title: Petroleum Review
Countries: Europe -
Subjects: Gas pipelines, Mergers and acquisitions
