Azerbaijan President Open to Snam Taking Stake in TAP project


MILAN, July 9 (Reuters) – Azerbaijan is open to Italian gas infrastructure group Snam taking a stake in the project to build the Trans Adriatic Pipeline (TAP) that will carry gas from Azerbaijan to Europe, President Ilham Aliyev said on Thursday.

"Why not? If someone would allocate its shares to other companies I don't see any problems," Aliyev said when asked about Snam's possible investment in TAP.

He spoke in English to reporters during a visit to Milan's EXPO international trade fair.

Snam CEO told Reuters in an interview in June the company was ready to evaluate buying 20 percent of TAP.

TAP's current shareholders are BP (20 percent), the State Oil Company of the Azerbaijan Republic (SOCAR) (20 percent), Norway's Statoil (20 percent), Belgium's Fluxys (19 percent), Spain's Enagas (16 percent) and Swiss company Axpo (5 percent).

Aliyev confirmed the project was expected to be completed in 2020.

(Reporting by Giancarlo Navach)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Branch Manager for Heavy Equipment Dealership in Mississippi
Expertise: Facilities Management|Mechanic
Location: Mississippi, United States, MS
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Expertise: Heavy Machinery Operator
Location: Midland
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours