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Statoil ASA, BP Plc and Total SA Buy Into TANAP Gas Pipeline-Reuters

Wednesday, 7 Nov 2012 05:17am EST 

Reuters reported that Statoil ASA, BP Plc and Total SA have acquired a combined 29% stake from Azeri state energy company SOCAR in Trans-Anatolian natural gas pipeline project (TANAP). BP will have a 12% stake, the same stake will go to Statoil, while Total will get 5%. The financial details of the transaction were not disclosed. Turkey has a 20% stake in TANAP, which will take Azeri gas to Turkey and to other markets in Europe, while Azerbaijan's state oil company SOCAR holds 80%. SOCAR offered BP, Statoil and Total to buy 29 percent of the total from its stake in September 2012. Construction of the TANAP pipeline, which will be built from the Turkish-Georgian border to Turkey's border with Europe, is expected to start at the end of 2013 and the project's first phase is seen ready at the end of 2017 or early 2018. 

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