TAP Chooses Société Générale as Adviser

The Trans Adriatic Pipeline (TAP), and members of the Shah Deniz Consortium have chosen French-based Société Générale as adviser  to the project during its preparatory and construction phases.

The Azeri news agency reported that 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 €7.4 billion project.

In a statement on its website, TAP said Société Générale will initially assist the management team with structuring the pipeline's project finance strategy, carrying out a bankability review and formulating a funding plan.

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, TAP managing director, 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.”