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EGL signs memorandum of understanding with Botas

28 aprile 2011

EGL (TAP's shareholder) signed this week a memorandum of understanding in Ankara with Botas, a Turkish state-owned enterprise with activities in the area of oil and natural gas transport.

Dietikon/Ankara,  Monday, April 25, 2011

EGL signed a memorandum of understanding in Ankara with Botas, a Turkish state-owned enterprise with activities in the area of oil and natural gas transport, as well as gas trading. Among other things, the agreement sets down the framework conditions for the planned transport of natural gas through Turkey to Europe, as well as additional areas of cooperation.

The energy ministers of Switzerland and Turkey already signed a joint memorandum of understanding for stronger energy cooperation in November 2009. The memorandum of understanding signed today is a valuable contribution towards realisation of this intention. "Today’s signing of the memorandum of understanding on the company level puts the cornerstone in place for further cooperation with Botas and for the planned transport of natural gas through Turkey," says Markus Brokhof, Head of the Division Gas Supply & SEE and member of EGL Executive Management. Under this agreement, the two companies can now directly negotiate concrete transit rights for the transport of natural gas from the Caspian region and the Middle East through Turkey to Europe. EGL wants to further diversify its natural gas procurement portfolio, and, among other things, plans to export significant volumes of natural gas from the Shah Deniz II gas field in Azerbaijan through Turkey to Europe via the Trans Adriatic Pipeline (TAP). In order to strengthen possible partnerships in the area of natural gas procurement, EGL opened a representative office in Azerbaijan’s capital, Baku, in June 2010 and took up negotiations with the Shah Deniz marketing consortium.

According to the memorandum of understanding, EGL and Botas also want to evaluate cooperation on the Trans Adriatic Pipeline (TAP) project, as well as exploring possibilities for joint marketing of natural gas, and for cooperation in the area of liquefied natural gas (LNG). The Turkish market offers interesting growth potential for the power and gas business. In order to take advantage of these opportunities, EGL established two joint ventures with the Dermirören Group in April 2011 (see media release on www.egl.eu). Both companies focus their business activities on energy trading and expansion of the client business with structured products and innovative services (origination), as well as import of electricity and natural gas to Turkey.

Further information
Media Relations: Tel. +41 44 749 40 10, media.ch@egl.eu