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TAP and Shah Deniz Consortium members select Société Générale as financial advisor

19 marzo 2013

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 7.4bln project.

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.”

About TAP

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%).

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 and Asia-Pacific.

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.
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