Norway’s Statoil sells 10% stake in Shah Deniz Azeri gas projectDecember 18, 2013 - 09:06 AMT PanARMENIAN.Net - Norway’s Statoil energy company is selling 10 % of the project to develop Azerbaijan’s Shah Deniz gas field for $1.45 billion, RIA Novosti reported. The stake in the gas field and the South Caucasus Pipeline, linking Shah Deniz to Turkey, is being divided between the State Oil Company of Azerbaijan (SOCAR), which will receive 6.7%, and BP, which will buy 3.3%. The sale ahead of the stage two development of the Caspian Sea project reduces Statoil’s share from 25.5% to 15.5% from January 1. The oil and gas company said in a statement that its decision to divest was based on “rigid prioritization of future investment”. The BP-led consortium’s other partners in developing Shah Deniz are Russia’s Lukoil, Iran’s NIOC, France’s Total and Turkey’s TPAO. Statoil said that the consortium’s plans for stage two of Shah Deniz and the extension of the South Caucasus Pipeline would cost around $28 billion. “This decision triggers plans to expand the South Caucasus Pipeline through Azerbaijan and Georgia, to construct the Trans Anatolian Gas Pipeline across Turkey and to construct the Trans Adriatic Pipeline across Greece, Albania and into Italy,” Statoil said. “Together these projects will create a new Southern Gas Corridor to Europe.” Europe has sought to diversify its energy supplies after pricing disputes between Russia and Ukraine halted gas deliveries to consumers of several European countries in 2006 and 2009. Total reserves of Shah Deniz are estimated at 1.2 trillion cubic meters of gas and 240 million tons of condensate. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | International cybercrime ringleaders arrested in Armenia, Ukraine Europol, Europe's crime agency, has arrested four ringleaders of several cybercrime networks that used botnets. Armenia skips CSTO Defense Ministers meeting A meeting of the Council of Defense Ministers of the Collective Security Treaty Organization countries began in Almaty. Armenian, Iranian foreigh policy chief talk over the phone The Foreign Minister of Armenia once again expressed condolences to his counterpart on the death of the President of Iran. Armenia, U.S. customs authorities to boost assistance with new deal The government has approved an agreement with the U.S. government on mutual assistance between the customs authorities. |