Press Esc to close

WorldOil

World Oil News Center



BP, SOCAR and Total to buy a 50% stake in TAP

BY AIDA SULTANOVA

NEFTYANIYE -- BP, SOCAR and Total will buy a total of 50% in Trans Adriatic Pipeline (TAP), officials at SOCAR said.

In late June, the BP-led Shah Deniz consortium, developing new gas reserves in Azerbaijan, said that it selected TAP to carry natural gas from the giant offshore Shah Deniz gas field in Azerbaijan into Europe.

"Now, after the selection of TAP, we would like to become the main participants of this project," SOCAR President Rovnaq Abdullayev told reporters.

"SOCAR, BP and Total will receive a total of 50% stake out of which BP will have 20%, SOCAR 20%, Total 10%," he added.

He also said that a shareholder agreement to confirm this will be signed by the end of the year. "By the end of 2013, a sales and purchase agreement on natural gas with buyers from Europe will be signed," Mr. Abdullayev said. "The main buyers of the Azerbaijani gas will be Greece, Italy, Albania and Bulgaria," he said.

Initially, 10 Bcm each year will be exported through TAP.

Dow Jones Newswires

07/12/2013

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS