Turkey planning to buy stake in TAP Trans Adriatic Pipeline

Trans Adriatic Pipeline (TAP)Turkey is planning to acquire a stake in the Trans-Adriatic Pipeline (TAP), a source in the Turkish government told Trend today, claiming that Ankara is determined not to miss out on a “historic” opportunity of buying into the pipeline venture.
The TAP project is part of the Southern Gas Corridor that will give Azerbaijan – and ultimately Turkmenistan – access to the European markets and should help Europe to diversify its hydrocarbon supply sources away from Russia and to increase is energy security.
The corridor envisages gas from Azerbaijan’s giant offshore Shah Deniz field in the Caspian Sea being exported to Turkey and from there on to Europe via the South Caucasus Pipeline, the construction of Trans-Anatolian Natural Gas Pipeline and finally the Trans-Adriatic Pipeline. Turkey’s interest follows reports that the Norwegian oil and gas company Statoil is planning to sell its 20% stake in TAP whose other shareholders are BP (20%), SOCAR (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

Source: TREND