Total and Statoil to acquire TANAP stakes
BY AIDA SULTANOVA
AZERBAIJIAN -- BP together with Total and Statoil will acquire a combined 29% share in the TANAP, from Azerbaijan' s state energy company SOCAR. Rovnag Abdullayev SOCAR president said BP and Statoil intend to acquire 12% each in the project, while Total will take 5%,Rovnag Abdullayev told reporters.
The TANAP pipeline will bring gas from Azerbaijan to Turkey and Europe, and have an initial capacity of 16 bcm.
SOCAR has said construction work on the project will start in 2013 and be completed by 2018. SOCAR has an 80% stake in TANAP and the rest is owned by Botas and TPAO.
Dow Jones Newswires