Socar Will Sell 12% Stakes in Tanap Gas Pipeline to BP, Statoil

State Oil Co. of Azerbaijan will sell 12 percent stakes in the proposed Trans-Anatolia gas pipeline to BP Plc (BP/) and Statoil ASA (STL) and 5 percent to Total SA (FP) to spur plans to ship fuel from the Caspian Sea to Turkey’s European border.

The Baku-based oil producer known as Socar will retain 51 percent of its current 80 percent in the project, while Turkey’s state-controlled Boru Hatlari Ile Petrol Tasima AS and Turkiye Petrolleri AO will hold 20 percent, President Rovnaq Abdullayev told reporters today in a district south of the Azeri capital.

Azerbaijan and Turkey agreed in June to build the 1,240- mile line, known as Tanap, costing about $7 billion. It will connect with the proposed Nabucco West link or Trans-Adriatic pipeline to take gas to Europe. A BP Plc-led group developing the Shah Deniz gas field will choose between the two by May.

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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