Snam’s shareholder loan reimbursed by TAP

By  Trend

The outstanding shareholder loan of Italian Snam company with Trans Adriatic Pipeline (TAP), in which it holds a 20 percent stake, was reimbursed by TAP for an amount of 519 million euros through a true-up mechanism, Trend reports citing a message from Snam.

“This reimbursement follows the finalization of TAP’s project financing,” said the message.

TAP project, worth 4.5 billion euros, is one of the priority energy projects for the European Union (EU).

Connecting with the Trans-Anatolian Natural Gas Pipeline (TANAP) at the Greek-Turkish border, TAP will cross Northern Greece, Albania and the Adriatic Sea before coming ashore in Southern Italy to connect to the Italian natural gas network.

TAP shareholders include BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagas (16 percent) and Axpo (5 percent).