Oil giant BP (BP), Azerbaijan's state energy company, SOCAR, and French Total S.A. (TOT) will buy a total of 50% in Trans-Adriatic Pipeline, or TAP, officials at SOCAR said Wednesday.
Oil giant BP (BP),
Azerbaijan
's
state energy company, SOCAR, and French Total S.A. (TOT) will buy a total of
50% in Trans-Adriatic Pipeline, or TAP, officials at SOCAR said Wednesday.
In late June the BP PLC-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 Wednesday.
"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 billion cubic meters each year will be exported through TAP.
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