E.ON Ruhrgas Acquires Stake in Trans Adriatic Pipeline

E.ON Ruhrgas has acquired a 15% stake in the Trans Adriatic Pipeline project (TAP) divested by Statoil and EGL.

After divestment, Statoil and EGL will each hold a 42.5% and E.ON Ruhrgas the remaining 15%.

The Trans Adriatic Pipeline links existing and planned natural gas transport grids in south-east Europe with gas systems in western Europe via Italy, the Adriatic Sea, Albania and Greece.

Once the TAP project is complete, it will provide Europe with direct access to the major natural gas reserves of the Caspian region and the Middle East, and will aid European energy security.

The new addition will make way for the development of new gas resources to the European market and benefit Statoil with regards to a potential gas package deal between Turkey and Azerbaijan.

The deal is to be completed by the end of June 2010.