Bud Fackrell: bp intends to purchase stake in TANAP

17.08.2012 [13:09]
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Baku, August 17 (AZERTAC). British bp intends to become a shareholder in the Trans-Anatolian pipeline project (TANAP), acquiring part of share of the State Oil Company of Azerbaijan (SOCAR) in the project, BP's representative in Turkey Bud Fackrell, who is also responsible for BP Turkey's activities in Azerbaijan and Georgia said.

However, he did not say what percent of the SOCAR's share the company intends to acquire, stressing that the issue will be discussed and a final decision will be made by mid-2013.

BOTAS has a 20 per cent stake in TANAP, while SOCAR holds 80 per cent in the project.

Azerbaijan and Turkey signed a memorandum of understanding to establish the consortium that will build a gas pipeline to supply gas from the Shah Deniz gas field to Europe through Turkey.

Bud Fackrell also stressed that the TANAP and South Stream projects are not competitors, as both projects are necessary to ensure energy security of Europe.

On June 26, Azerbaijan and Turkey signed an intergovernmental agreement on implementation of the Trans-Anatolian gas pipeline (TANAP) project.

Bud Fackrell: bp intends to purchase stake in TANAP

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