THE AMERICAN COMPANY HAS WITHDRAWN FROM THE SPONSOR GROUP CONSTRUCTING BAKU-JEYHAN OIL PIPELINE

June 22, 2001 - 18:20 AMT
PanARMENIAN.Net - . "Devon Energy" American firm has withdrawn form the group of oil companies, sponsoring the project of construction of oil export pipeline Baku-Tbilisi-Jeyhan. CNA agency informs about this, citing a source in Azerbaijani Government. "Devon Energy" representative office in Baku has not made any comments on the information about the withdrawal of the company from the sponsor group yet - either confirming or denying it. "Devon Energy" formed a part of the group of eight companies sponsoring the project at the stage of basic projecting of the rout of the pipeline, the installation of which from October 2000 till May 2001 cost 26 million dollars. After beginning the detailed projecting of the route of the pipeline on June 20, "Devon Energy" withdrew from the group of sponsors and its share was divided among the other members of the group.
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