(The following press release from Trans Adriatic Pipeline was received by
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Trans Adriatic Pipeline and Shah Deniz Consortium members select Société
Générale as financial advisor
Baar, Switzerland. The Trans Adriatic Pipeline (TAP), and members of the Shah
Deniz Consortium have selected Société Générale Corporate & Investment Banking
to provide financial guidance to the project during its preparatory and
construction phases. The decision was made by TAP, its shareholders Axpo,
Statoil and E.ON Ruhrgas, and Shah Deniz Consortium members SOCAR, BP and Total
as potential investors in TAP.
Société Générale Corporate & Investment Banking was named Oil & Gas Financial
Adviser of the Year for 2010 and 2012 by Infrastructure Journal, and is a
leading adviser to cross border pipelines, most recently the Nord Stream EUR
Société Générale will initially assist TAP’s management team with structuring
the pipeline's project finance strategy, carrying out a bankability review and
formulating a credible and deliverable funding plan.
Following the Shah Deniz Consortium’s selection of its preferred pipeline to
Europe and TAP’s shareholders’ ‘Resolution to Construct’, expected in September
2013, Société Générale will support TAP in the implementation of the plan and
the raising of any required capital.
In the wake of the recent completion of an Intergovernmental Agreement on TAP
by the Governments of Greece, Albania and Italy, today’s announcement
demonstrates TAP’s readiness to transport Caspian gas to Western markets. The
pipeline has been designed to synchronise with the Shah Deniz Consortium’s
delivery timetable and will be ready when the gas comes on stream.
Kjetil Tungland, Managing Director of TAP, commented: "I am pleased that TAP,
its shareholders and members of the Shah Deniz Consortium, have worked together
and come to a final decision in selecting a financial advisor. Today’s
nomination is another step in making the Trans Adriatic Pipeline a reality.
TAP’s financial strength is well-known - our offer remains the most strategic
and compelling commercially, not least because we are the only pipeline that
does not require public funds.”
“As we approach the next stage in TAP’s development, Société Générale will
support us in structuring financing for the project, enabling us to deliver the
highest value to our customers and investors. We’re delighted to be working
with an organisation of their pedigree and expertise. This appointment is
further validation of the strength of our proposal.”
TAP will transport natural gas from the giant Shah Deniz II field in
Azerbaijan, via Greece and Albania to southern Italy, from where it can be
transported further into Western Europe. Designed to expand the capacity from
10 to 20 bcm per year, TAP will open up the so-called Southern Gas Corridor,
which will enhance Europe's energy security by contributing to the
diversification of the region's gas supplies.
The Shah Deniz Consortium is expected to make the final selection on its
preferred gas transportation solution to Europe by mid-2013.
TAP’s shareholders are Axpo of Switzerland (42.5%), Norway’s Statoil (42.5%)
and E.ON Ruhrgas of Germany (15%).
More about TAP at www.trans-adriatic-pipeline.com
About Société Générale Corporate & Investment Banking
At the core of Société Générale’s universal banking business model, the
Corporate & Investment Bank is a well-diversified and leading player with
nearly 12,000 professionals present in 33 countries across Europe, the Americas
Standing by its clients across sectors, the Corporate & Investment Bank tailors
solutions for them by capitalising on its worldwide expertise in investment
banking, global finance, and global markets.
For Corporates, Financial Institutions and public sector: providing a global
advisory approach (M&A, debt, equity transaction, capital structure, and asset
& liability management), as well as quality capital raising solutions across
the debt and equity spectrum, optimised financing and expert risk management
responses notably in the realm of foreign exchange and rates derivatives.
For investors: offering reliable and sound investment opportunities and risk
management solutions through its integrated global markets platform delivering
seamless access to markets (equity, rates, credit, currencies, commodities and
derivatives), as well as advice and solid financial engineering, quality of
execution and forward looking research across asset classes.
More about Société Générale Corporate & Investment Banking at www.sgcib.com
For further information, please contact:
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Trans Adriatic Pipeline
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