Fluxys strengthens its partnership in Trans Adriatic Pipeline AG (TAP)

TAP shareholders Fluxys and Enagás have jointly agreed to purchase co-shareholder Axpo’s 5% stake in the pipeline. Fluxys will acquire 1% and Spain’s Enagás 4% of Axpo’s stake. Both companies will thus become 20% partner in TAP like the other shareholders Snam (Italy), bp (UK) and SOCAR (Azerbaijan).

The Trans Adriatic Pipeline operates the gas transportation infrastructure from the Greek border with Turkey through Greece, Albania and the Adriatic Sea to Southern Italy. The 878 km pipeline is the European section of the 3,500 km Southern Gas Corridor, transporting natural gas to Europe from the Shah Deniz II field in Azerbaijan. Fluxys has been partner in TAP since 2013 as the Southern Gas Corridor was chosen as the project of choice to diversify Europe’s supply with Caspian gas.

TAP has a capacity of approximately 10 billion cubic metres annually (bcm/a) and started transporting first gas at the end of 2020. Furthermore, in line with the European Union energy transition objectives, TAP is pursuing opportunities to transport carbon neutral energy sources.

Pascal De Buck, CEO and Managing Director of Fluxys: "The Trans Adriatic Pipeline is a key infrastructure for Europe’s security of supply and decarbonisation objectives. It demonstrates, especially in the current international context, the importance of source diversification. Fluxys’ agreement with Enagás and Axpo highlights the excellent cooperation among TAP’s shareholders and our attention for a balanced governance of the company."

The transaction is subject to customary closing conditions and closing is expected in the second half of 2023.