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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (108161)

10/29/2014 11:36:03 AM

From: Haim R. Branisteanu

Respond to of 219532

Another nail in Kremlin's coffin

BP will close deal on TANAP gas pipeline by year's end
by Daniel J. Graeber
London (UPI) Oct 28, 2014

disclaimer: image is for illustration purposes only

BP confirmed Tuesday an agreement to take a 12 percent stake in a Turkish pipeline carrying Azeri gas to Europe will close by the end of the year.

BP-Azerbaijan in January 2013 signed a framework agreement to take on a 12 percent stake in the Trans-Anatolian natural gas project. The State Oil Co. of Azerbaijan Republic has a majority stake in the pipeline.

"We expect to take a 12 percent stake in TANAP by the end of the year," a BP spokesman confirmed to UPI.

BP has awarded more than $1 billion in development contracts since selecting the Trans-Adriatic pipeline as its option to carry natural gas from the Shah Deniz field off the coast of Azerbaijan last year.

oilgasdaily.com

Both pipelines are part of the so-called Southern Corridor of gas pipelines for Europe meant to break Russia's grip on the region's energy sector. Europe gets about a quarter of its gas needs met by Russia, though most of that runs through the Soviet-era transit network in Ukraine, where geopolitical conflicts present a risk to energy security.

Gas from Shah Deniz could be delivered as early as 2018.