BAKU, Azerbaijan, July 28. Belgian company Fluxys has successfully completed a deal to increase its stake in the Trans Adriatic Pipeline (TAP) consortium, the company confirmed in response to TurkicWorld.

"We can confirm that Fluxys finalized the acquisition of the 1 percent stake of Axpo on July 25, 2023," the company stated.

In January 2023, Axpo agreed the sale of its 5 percent stake in the Trans Adriatic Pipeline AG (TAP) to TAP shareholders Fluxys and Enagás S.A. Under the sale and purchase agreement, Belgium’s Fluxys acquired 1 percent and Spain’s Enagás 4 percent of Axpo’s 5 percent equity stake. Both companies thus reached 20 percent ownership of TAP, which includes UK shareholder bp (20 percent), Azerbaijan’s SOCAR (20 percent), and Italy’s Snam (20 percent).

The value of the transaction amounts to 210 million euros.

TAP transports natural gas from the giant Shah Deniz field in the Azerbaijani sector of the Caspian Sea to Europe. The 878 km long pipeline connects with the Trans Anatolian Pipeline (TANAP) at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy.

TAP facilitates gas supplies to South Eastern European countries through existing and prospective interconnectors.

TAP is connected to Interconnector Greece Bulgaria (IGB) which started its commercial operations in October 2022, providing Caspian gas to Bulgaria, enhancing security of energy supplies in one more European country. TAP’s exits in Greece and Albania, together with the landfall in Italy provide multiple opportunities for further transport of gas from Azerbaijan to the wider European markets.