Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

BP, Socar and Total to Buy 50% of Adriatic Gas Link to Europe

Don't Miss Out —
Follow us on:

July 10 (Bloomberg) -- BP Plc and State Oil Co. of Azerbaijan, or Socar, will each buy 20 percent of the Trans-Adriatic Pipeline selected last month to export Azeri natural-gas to southern Italy from the Turkish-Greek border.

Total SA, a partner in Azerbaijan’s $25 billion Shah Deniz gas project together with BP, Socar and Statoil ASA, will get a 10 percent stake in the pipeline project known as TAP, Socar President Rovnaq Abdullayev told reporters today in Baku, the Azeri capital.

TAP, being developed by Norway’s Statoil, Switzerland’s Axpo and Germany’s EON SE, beat out competition from the OMV AG-led Nabucco West project for the right to export 10 billion cubic meters of Azeri gas a year to Europe. The fuel will flow to the Turkish-EU border via the BP-led South Caucasus Pipeline and the Trans-Anatolia Pipeline before being fed into TAP.

The EU is looking to Shah Deniz, estimated to hold 1.2 trillion cubic meters of gas, and other deposits in the Caspian region to diversify supply away from Russia, which meets a quarter of its demand.

Abdullayev said a shareholders’ agreement on TAP will be signed by the end of the year and construction will start 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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.