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BP, Statoil, Total ready to buy part of Socar' s stake in TANAP

BY AIDA SULTANOVA AND OLGA RAZUMOVSKAYA

MOSCOW -- BP, Statoil and Total are ready to buy some of the stake Azerbaijan' s state-owned oil company Socar has in the TANAP pipeline project, Rovnag Abdullayev, Socar' s president, told reporters.

Socar will leave for itself 51% of the share capital, 29% will will be sold to other companies, thus the controling stake will remain with Socar, Mr. Abdullayev said.

The three companies are Socar' s partners in the development of the Caspian Shah Deniz development, the gas from which will be exported through TANAP as part of Stage-2 of the Shah Deniz project.

TANAP is a project of Azerbaijan and Turkey; it is intended for gas supplies to Turkey and Europe and if somebody wants to get their share there, the issue can be discussed, Mr. Abdullayev said commenting on the possibility of a purchase of a share in a pipeline by third parties, like Turkmenistan.

He also noted that the construction of the pipeline is to begin in 2013. At the moment Socar owns 80% in the project while Botas and TRAO have 20%. The construction cost of the pipeline is estimated at $7 billion.

The new gas pipeline is expected to have throughput capacity of at least 16 Bcm with a possibility of increaseing this to 32 Bcm.

Dow Jones Newswires

09/07/2012

 

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