"BTC is a key strategic asset for Chevron and adds to our strong position in the Caspian region," Trend quoted John Watson, president, Chevron International Exploration and Production, as stating.
Chevron has an 8.9 percent interest in the 1,094-mile (1,762-km) pipeline that crosses Azerbaijan, Georgia and Turkey and holds a 10.3 percent working interest in the Azerbaijan International Operating Company (AIOC) that is producing from and developing the ACG field. The $4.5 billion pipeline has a crude oil capacity of 1 million barrels per day and is expected to accommodate the majority of AIOC production.
"BTC provides an important new means of transportation for growing production throughout the region," said Guy Hollingsworth, managing director of Chevron's Eurasia Business Unit.
The new pipeline is expected to bring significant benefits to the Caspian region. By opening another transit route for the region's growing production, BTC will create substantial revenues for the transit countries and also help to strengthen economic and political links between Azerbaijan, Georgia, Turkey and the West.
The Baku-Tbilisi- Ceyhan (BTC) pipeline achieved a historic milestone on 9 June with the delivery of its first cargo of crude oil to world markets.