Statoil can sell its share to Petronas for approximately $400 mln

Statoil can sell its share to Petronas for approximately $400 mln
# 02 September 2015 14:47 (UTC +04:00)

Baku. Agshin Rafigoglu – APA-Economics. As reported, Malaysian Petronas Company is considering the issue of purchasing Statoil’s 20%-share in Trans-Adriatic Pipeline (TAP).

However, according to Italian Snam S.p.A copmany’s CEO Carlo Malakarne’s interview to Corriere della Sera newspaper that the price of 20%-share in TAP makes $400 mln. Malaysian company acted quickly than their Italian counterparts. Foreign media reports that Petronas has more chance to buy the shares.

Last year Petronas bought 15.5% stake of Statoil in Shah Deniz project and the South Caucasus pipeline. The agreement is estimated at $2.25 billion.

Petronas Azerbaijan (Shah Deniz) S.A.R.L company was registered by Azerbaijan’s Ministry of Taxes on 9 June 2015.

One issue is also becoming concrete: Statoil is about to leave Azerbaijani market.

From 2018 the 870-kilometer (541-mile) TAP project will initially deliver 10 billion cubic meters of gas annually from the Shah Deniz fields through Greece and Albania to Italy. The pipeline, which should eventually be able to deliver 20 bcm of gas a year, will connect to Tanap, a pipeline that will stretch 1,841 kilometers into Turkey.

TAP’s other shareholders include BP Plc and SOCAR, which each hold 20%, as well as Fluxys Belgium with 19%, Enagas SA of Spain with 16% and Axpo with 5%.

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