BP-Led Group Signs $45 Billion Deal to Pipe Gas to Europe
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BP Plc led a group of companies signing a $45 billion deal to pipe natural gas from Azerbaijan’s Shah Deniz field to Italy, offering the European Union an alternative to Russian supplies.
The deal will see BP lead the expansion of the Shah Deniz project in the Caspian Sea and the construction of pipelines across Turkey and into Greece, Albania and Italy. Production from the field will increase by 16 billion cubic meters a year, BP said in a statement today. That’s equal to about 1.5 percent of Europe’s total consumption.