Italian energy company Snam said it bought Statoil’s stake in the planned Trans Adriatic gas pipeline, billed as a near-panacea for European diversification. For total consideration of $220 million , the Italian company took on the 20 percent stake in the planned gas pipeline from Norway’s Statoil. TAP is slated to transport natural gas from the second phase of the Shah Deniz natural gas field off the coast of Azerbaijan as early as 2019. It will run from the Turkish border with Greece to Italy and onto southern European markets, part of a network dubbed the Southern Corridor. Carlo Malacarne, the chief executive officer at Snam, said the deal follows an agreement made in September with the State Oil Company […]