TPAO increases stakes in Shah Deniz field and South Caucasus pipeline

Turkish Petroleum Corporation (TPAO) is set to acquire Total SA's 10% share in the Shah Deniz gas field and the South Caucasus pipeline at cost of US$1.45 billion.

Michael Borrell, Total E&P Senior Vice President of Continental Europe and Central Asia, said: “This sale is another step forward in achieving our asset sale programme. Following this operation, the group will have sold nearly US$16 billion worth of assets since 2012, in line with its US$15 - 20 billion asset sale target.”

During the signing ceremony, another deal between the Turkish Pipeline Corporation (BOTAS) and the State Oil Company of Azerbaijan Republic (SOCAR) regarding increasing the Turkish stake in the Trans-Anatolian gas pipeline (TANAP) from 20% to 30% took place. Both deals represent Turkey’s efforts to diversify its energy resources and build connections with gas-producing countries in order to decrease its reliance on particular producers such as Russia.

Edited from various sources by Rosalie Starling

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