Baku. Agshin Rafigoglu - APA-Economics. (TPAO) (Turkish Petroleum Corporation) has invested $9 bln in Azerbaijan, TPAO Director General Besim Sisman said.
“TPAO has been operating in Azerbaijan since 1994. Our company is the biggest investor of Turkey in Azerbaijan. As you know, we increased our share in Shahdeniz from 9% to 19%. So, we are the second biggest shareholder after operator. Moreover, we have 6.75% in ACG. As you understand, TPAO is the significant company for the region”, he said.
Sisman noted that TPAO attracts funds from both local and foreign banks to finance its shares in abovementioned projects: On the background of decline in oil price, all companies, including TPAO, try to be careful. However, both Azerbaijani and Turkish governments support abovementioned projects and low oil price does not hinder the projects. Concretely, TPAO will not attract fund this year because there is no need for it. At the same time, oil price is rising and we are waiting. We’ll consider the situation next year“.
The Director General added that oil price will exceed $60 in the near future: “I think this price will be sufficient for oil companies”.
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