In addition, existing shareholder Fluxys has increased its stake in TAP from 16 per cent to 19 per cent.

The new arrangement follows the purchase by Enagás and Fluxys of the 19 per cent of TAP shares previously owned by E.ON (9 per cent) and Total (10 per cent). TAP’s shareholding is now comprised of BP (20 per cent), SOCAR (20 per cent), Statoil (20 per cent), Fluxys (19 per cent), Enagás (16 per cent) and Axpo (5 per cent).

The TAP project will transport natural gas from the Shah Deniz II field in Azerbaijan to Europe. The approximately 870 km pipeline will connect with the Trans Anatolian Pipelin...