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Statoil ASA makes final investment decision on Shah Deniz Stage 2

Tuesday, 17 Dec 2013 02:12am EST 

Statoil ASA:Says has together with partners in the Shah Deniz consortium in Azerbaijan made a final investment decision for the Stage 2 development of the Shah Deniz gas field, in the Caspian Sea, offshore Azerbaijan.Says the decision triggers plans to expand the South Caucasus Pipeline (SCPX) through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline (TANAP) across Turkey and to construct the Trans Adriatic Pipeline (TAP) across Greece, Albania and into Italy.Says together these projects will create a new Southern Gas Corridor to Europe.Says the total cost of the Shah Deniz Stage 2 and SCP Expansion projects will be around $28 billion.Says Statoil also enters an agreement to divest a 10 percent share of its 25.5 percent holdings in Shah Deniz and the South Caucasus Pipeline.Says will not participate as an investor in TANAP.Says holds a 20 percent share in TAP AG, the owner of Trans Adriatic Pipeline (TAP), who develops the pipeline for transport of gas from Turkey to Southern Europe. 

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