Three multi-national energy giants, BP, Statoil and Total, have acquired a combined 29% stake from Azeri state energy company SOCAR in the Trans-Anatolian natural gas pipeline project (TANAP).
"SOCAR confirmed its invitation to BP to participate in TANAP, and BP will have a 12% stake, the same stake will go to Statoil, while Total will get 5%," BP-Azerbaijan spokeswoman Tamam Bayatly told the media.
Financial details of the deal have not been released.
Turkey holds a 20% stake in TANAP, which will transport Azeri gas to Turkey and to other markets in Europe, while SOCAR held the remaining 80%, from which it is now selling 29% to the energy companies. Earlier in September, SOCAR first offered BP, Statoil and Total the chance to buy a stake in the project.
Construction of the TANAP pipeline, which will be built from the Turkish-Georgian border to Turkey's border with Europe, is expected to start at the end of 2013 and the project's first phase’s completion is predicted for the end of 2017 or early 2018.
Edited from various sources by Cecilia Rehn.