BP-led consortium takes control of Trans Adriatic Pipeline

|About: BP p.l.c. (BP)|By:, SA News Editor

The Shah Deniz consortium developing the Trans Adriatic Pipeline, slated to ship natural gas from the Caspian region to Italy, says a group of gas producers including BP has effectively taken control of the project.

BP and Azerbaijan's state-owned Socar each acquired 20% stakes in TAP, while France's Total (TOT) bought a 10% share; holdings of previously existing TAP shareholders including Statoil (STO) are reduced.

Initially 10B cubic meters each year will be exported through TAP; the pipeline is expandable to ~20B cm/year.