Statoil, Total not to participate in TANAP

Statoil, Total not to participate in TANAP
# 24 December 2013 08:57 (UTC +04:00)

Statoil was planning to acquire a 12% stake and Total a 5% stake in Tanap, which would bring Azeri natural gas from the Caspian Sea to Europe, but both companies now say they have dropped their interest.

Turkey has a 20% share in Tanap, while Azerbaijan has an 80% share.

Statoil’s planned 12% and Total’s planned 5% will now be split among Azerbaijan’s state-owned Socar oil company, BP Plc, and Turkish state-owned companies TPAO and BOTAS.

Turkey has expressed interest in raising its stake in Tanap to 30%.

The share of the State Oil Company of Azerbaijan in TANAP project is 80%, Turkey’s share is 20%. Azerbaijan is going to give 12% of its shares to BP, 12% to Statoil and 5% to Total.

The construction of TANAP will be likely started in 2014. Azerbaijan and Turkey have signed relevant intergovernmental agreements on the implementation of the project. The construction will be completed in 2017-2018. The planned capacity of the pipeline will be 16 billion cubic metres of natural gas per year at the initial stage. 6 billion cu m will be sold to Turkey, the rest to Europe.

1 2 3 4 5 İDMAN XƏBƏR
#
#

THE OPERATION IS BEING PERFORMED