Funding in place for Baku-Tbilisi-Ceyhan pipeline
Posted: 03 February 2004
The final finance package for the Baku-Tbilisi-Ceyhan (BTC) oil
pipeline — owned 8.71 per cent by Statoil — was signed
at an official ceremony today, 3 February.
Fifty per cent of the work has been completed on this 1,760 transport
system, which will carry Caspian crude from Azerbaijan via Georgia
to the Mediterranean coast of Turkey.
Capable of carrying a million barrels of oil per day to the Turkish
port of Ceyhan, this line is due to be ready to start exporting
in 2005.
Staged in Baku, capital of Azerbaijan, today's ceremony marked
the completion of agreements covering third-party financing for
the BTC project.
The deal was signed by representatives of the governments in the
three host countries and of the BTC lender group.
Embracing 208 documents, the finance package involves more than
17,000 signatures from 78 different parties.
The pipeline will cost USD 2.95 billion to build, with about 30
per cent of this total covered by equity contributions and the remainder
by third-party funding.
Construction is now under way at 17 different locations in Azerbaijan,
Georgia and Turkey, with more than 12,000 people currently engaged
on the project in these three countries.
In addition to Statoil, the BTC shareholders are BP with 30.1 per
cent, Socar 25 per cent, Unocal 8.9 per cent, TPAO 6.53 per cent,
ENI five per cent, Total five per cent, Itochu 3.4 per cent, Inpex
2.5 per cent, ConocoPhillips 2.5 per cent and Amerada Hess 2.36
per cent.
For more information see www.statoil.com
Posted by Richard Price,
Editor Pipeline Magazine
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