BP, Socar, Total pledge to fund gas pipeline-TAP

BRUSSELS Thu Aug 9, 2012 4:11am EDT

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BRUSSELS Aug 9 (Reuters) - The Trans Adriatic Pipeline (TAP) project said on Thursday it had reached agreement with members of the Shah Deniz gas consortium - BP, Socar and Total - to secure funding for its pipeline.

The agreement includes an option for the Shah Deniz shareholders to take up to 50 percent equity in TAP.

In a statement, it said these funds would contribute towards continued work in several important areas during the period leading up to the final routing decision, expected in 2013.

TAP's shareholders are EGL of Switzerland (42.5 percent), Norway's Statoil (42.5 percent) and E.ON Ruhrgas of Germany (15 percent). (Reporting by Barbara Lewis; Editing by Adrian Croft)

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