Turkey Reportedly Interested in 20% Stake in TAP

Turkey is reportedly mulling an investment in Trans-Adriatic Pipeline (TAP), eyeing Statoil’s 20% stake in the final pipeline of the project connecting Azerbaijan with Italy.

According to Azerbaijan-headquartered Trend, TAP could become Turkey's priority given Ankara's current frictions with Moscow. 

Currently, BP (20%), SOCAR (20%), Statoil (20%), Fluxys (19%), Enagás (16%) and Axpo (5%) are the partners.

In July, Snam’s CEO Carlo Malacarne confirmed that there are TAP’s stakeholders willing to sell their shares to the Italian company, adding that a 20% interest would cost around 400 million euros.

Also in July, experts said in Brussels that there is room for cooperation between Turkey and the European Union, but opportunities might easily fade away in the event of a sustained low-trust environment, where a weak engagement strategy and slow decision processes might reduce the scope for the Southern Gas Corridor (SGC). 

Two weeks ago, LUKoil signed a deal for a syndicated loan worth $1 billion with the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD), with the participation of the Black Sea Trade and Development Bank (BSTDB). A financing package is being arranged for the landmark offshore natural gas field project in Azerbaijan, Shah Deniz Stage.