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


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


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

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