TODAY.AZ / Business

The Telegraph: BP poised to sign Azerbaijan gas deal

19 December 2013 [15:15] - TODAY.AZ
British “The Telegraph” posted on an article headlined “BP poised to sign Azerbaijan gas deal”.
The article reads: “BP is today expected to sign a deal in Azerbaijan, paving the way for a $45bn (£27.6bn) pipeline project that will provide a fourth major route for gas flows to the European market.

The British oil giant is leading an international consortium that plans to unlock reserves from the vast Shah Deniz 2 field in the Caspian Sea and route it via three new pipelines to Italy, Greece and Bulgaria – as well as Turkey.

Taking gas from Azerbaijan will open a new source of gas supply into southern Europe on top of the existing pipelines from Norway, Russia and Algeria – diversifying supply and reducing Europe’s dependence on Russia.

Bob Dudley, BP’s chief executive, is due to sign the deal in Baku – a ceremony that will be witnessed by Foreign Secretary William Hague – as Britain consolidates its position as the largest foreign investor in Azerbaijan.

The project will see 10bn cubic metres annually (BCMA) of gas supplied to the European market. Under $100bn of supply agreements spanning 25 years, Italy will take 8 BCMA, with one each for Greece and Bulgaria. Turkey is taking a further 6 BCMA.”



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