Germany’s E.ON Ruhrgas successfully joins Trans Adriatic Pipeline

Fri, 9 July 2010

Statoil and EGL have confirmed the successful financial close of E.ON Ruhrgas’ 15 per cent shareholding in the Trans Adriatic Pipeline (TAP) project.

Statoil and EGL now each hold a stake of 42.5 per cent in the project company.

TAP Managing Director Kjetil Tungland said while making the announcement that “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.”

Covering a total distance of 520 km, the TAP Gas Pipeline will originate near Thessaloniki, Greece, and cross Albania and the Adriatic Sea, before terminating near Brindisi, Italy. The pipeline will have an initial capacity of 10 Bcm/a, and is intended to enhance the security of European gas supply.

Mr Tungland said that the project, which is currently in the front-end engineering and design stage, remains open for additional partners.