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HomeLatest NewsEnagás increases its stake in the Transadriatic gas pipeline to 20%

Enagás increases its stake in the Transadriatic gas pipeline to 20%

Date: April 12, 2024 Time: 18:58:46

The natural gas transportation company Enagás has raised its stake in the Transadríatico gas pipeline (TAP) from 16% to 20% after the purchase agreement with the Swiss company Axpo. Enagas has been awarded that 4% more for a value of 168 million euros, as reported by the company this Friday. Enagás has specified that the purchase operation is subject to compliance with the usual conditions precedent with respect to this type of operation.

The group has highlighted that with this operation it reinforces the fulfillment of its objective of contributing to strengthening the security of energy supply and decarbonization in Europe, as announced in the presentation of its 2022-2030 strategic plan.

After the closing of this operation, Enagás will have a 20% stake in TAP, the same percentage as the British BP, the Azeri SOCAR, the Italian Snam and the Belgian Fluxys. The latter has also reached this percentage after a 1% acquisition agreement from Axpo.

Europe strengthens its role in gas trade

With these two purchase operations from Axpo by Enagás (4%) and Fluxys (1%), the Spanish company has stressed that the role of European operators in this strategic infrastructure for the European Union is reinforced, “which facilitates progress in its objectives of security of supply and decarbonisation”, he added.

The Transadriatic gas pipeline is an infrastructure of 878 kilometers in length, which corresponds to Greece, Albania, the Adriatic Sea and Italy. It is the European section of the ‘Southern Gas Corridor’ and transports natural gas from Azerbaijan to Italy, Greece and Bulgaria. Since the start of its commercial operations in November 2020, this infrastructure has had 100% availability and has transported 18 bcm of natural gas to Europe.

TAP is included in the map of the ‘European Hydrogen Backbone’, an initiative that involves 31 European operators from 28 European countries that promote a future hydrogen network in the EU, and could be adapted for the transport of green hydrogen, joining the production points and consumption along its route, thus contributing to Europe’s decarbonisation objectives.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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