Enagás reaches 20% in the Trans Adriatic gas pipeline for 168 million

Enagás has increased its stake in the Trans Adriatic Pipeline from 16% to 20% by buying an additional 4% from Axos for 168 million euros, the energy company announced this Friday.

Thomas Osborne
Thomas Osborne
30 January 2023 Monday 11:15
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Enagás reaches 20% in the Trans Adriatic gas pipeline for 168 million

Enagás has increased its stake in the Trans Adriatic Pipeline from 16% to 20% by buying an additional 4% from Axos for 168 million euros, the energy company announced this Friday.

The 878-kilometre infrastructure runs through Greece, Albania, the Adriatic Sea and Italy, being the European section of the Southern Gas Corridor, which brings natural gas from Azerbaijan to Italy, Greece and Bulgaria. The pipeline was launched in November 2020 and has a capacity of 10 bcm (billion cubic meters of gas) per year, expandable.

With the new shareholding map, Enagás will be one of the main shareholders along with the British BP, the Azeri Socar, the Italian Snam and the Belgian Fluxys, all with 20%.

The operation fits into the company's strategic plan "to contribute to strengthening security of supply and decarbonisation in Europe". In this sense, potential is seen for its adaptation to the transport of green hydrogen, "uniting the points of production and consumption along its route, and thus contributing to the decarbonisation objectives of Europe".

TAP is included in the European Hydrogen Backbone (EHB) map, which involves 31 European operators from 28 European countries driving a future hydrogen network in the EU.

The acquisition is in addition to the recent purchase of 20% in BBL, which connects the Netherlands and the United Kingdom, for which it paid 75 million euros.

The purchase operation is subject to compliance with the usual conditions precedent with

regarding this type of operation.