Baku, Azerbaijan, Mar. 13
By Maksim Tsurkov - Trend:
Today, even big companies, having felt the impact of the global financial crisis, are trying to cut costs and not invest in those projects, in the success of which they are not sure. However, it is obvious that Azerbaijan with its project of the Southern Gas Corridor represents a solid reliable partner, credible even in such conditions.
This is clearly confirmed by today's signing of a shareholders' agreement, pursuant to which such an authoritative oil giant as the BP company will join the shareholding structure of the Trans-Anatolian Gas Pipeline (TANAP) - an integral part of the Southern Gas Corridor project.
What does BP's joining the shareholding structures mean? First of all, the company in this way assumes a part of commitments to finance the project (12 percent), the cost of which is estimated at $10-11 billion. Any investments involve certain risks, and there can surely be no doubt that the leadership of the British company has analyzed them in detail before making a decision. Hence, one can make a quite obvious conclusion: BP is sure in the success of the project.
The participation of such an influential company in the construction of TANAP can push other large corporations to pay attention to this project.
BP will become a full-fledged shareholder and owner of 12-percent share in TANAP later, following the signing of all necessary documents. However, it is clear that such step by the UK company is a sign of recognition of the importance and economic feasibility of TANAP and Southern Gas Corridor in general.
Moreover, the company said it is pleased with the signing of the agreement and expressed gratitude to the governments of Azerbaijan and Turkey for support.
The ongoing developments show that as distinct from other alternative projects, the Southern Gas Corridor really works. Joint efforts of all participants are necessary for the further success of this project. It is understood in Azerbaijan, in Turkey, and today BP also realized this.
Hopefully, this will also be a certain 'message' to those who regard the Southern Gas Corridor with suspicion.
Edited by CN
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Follow the author on Twitter: @MaksimTsurkov
