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Socar Offers 29% of Gas Pipeline to BP, Statoil, Total, Partners

State Oil Co. of Azerbaijan offered 29 percent of its proposed Trans-Anatolia natural-gas pipeline to potential partners such as BP Plc (BP/), Statoil ASA (STL) and Total SA. (FP)

“We will keep 51 percent,” Nizamaddin Quliyev, a company spokesman, said today by phone from the Azeri capital of Baku.

Azerbaijan and Turkey signed an agreement in June to build the 2,000 kilometer (1,240 mile) pipeline to deliver at least 10 billion cubic meters of Azeri gas a year to the European Union border through Turkey. It’s estimated to cost $7 billion.

Socar, as the state company is known, now has 80 percent of the project. Turkey’s Boru Hatlari ile Petrol Tasima AS, or Botas, and energy company Turkiye Petrolleri AO hold the remaining 20 percent of the link, known as Tanap.

Tanap will connect either with the EU-backed Nabucco line or the Trans-Adriatic Pipeline. The BP-led group developing the Shah Deniz gas field in Azerbaijan’s section of the Caspian Sea will choose between the two links by the middle of next year.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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