Turkey announces forecasts on energy project revenues in Azerbaijan for 2014
Baku, Azerbaijan, Oct.18
By Emil Ismayilov - Trend:
Turkey's dividends from energy projects in the Caspian region may exceed $500 million in 2014, said the Anadolu Turkish news agency referring to the Minister of Energy and Natural Resources of Turkey Taner Yildiz.
"Last year, Turkey's dividends from projects on the Caspian Sea amounted to $265 million," said Yildiz. "I think that this figure increased by almost twice in 2014."
The Turkish TPAO company has equity participation in the development project of Azerbaijan's Azeri-Chirag-Guneshli offshore oil and gas fields unit as well as the development project of Shah Deniz gas condensate field.
In May 2004, TPAO and Total Azerbaijan inked a contract on the purchase of Total's 10-percent stake in the Shah Deniz project.
The share distribution among the participants of the agreement is as follows (after SOCAR and BP bought some Statoil share in the project): BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - 9 percent, SOCAR - 16.7 percent. Earlier, "Total" sold its stake in the project of the Turkish TPAO. After the transaction is over, the share of Turkish TPAO in the project will be 19 percent.
Azerbaijan and Turkey are also linked by the Baku-Tbilisi-Ceyhan oil pipeline and the South Caucasus gas pipeline.