British oil company BP plans to spend US$150 million to upgrade some parts of the Baku-Supsa oil pipeline which runs from Azerbaijan to Georgia, say reports from the Georgian government this week.
The issue was discussed during the Georgian Prime Minister's meeting with BP's CEO Bob Dudley at the World Economic Forum in Davos, the Georgian government's press service said in a statement.
"BP will spend US$150 million on modernisation of some stretches of the pipeline and improvement of ecological standards," the press service said.
Azerbaijan exports oil via the Baku-Supsa pipeline from the Chirag oilfield operated by BP.
Exports through the Baku-Supsa pipeline rose to 3.9 million t in January-November 2015 from 3.8 million t in the same period a year earlier.
In related news, BP CEO Dudley is reported to have said that despite the volatility of oil prices at the world market, the South Caucasus gas pipeline project is being implemented according to schedule and will be completed by 2018.
Edited from various sources by Elizabeth Corner
Sources: Yahoo Finance, Trend
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