SOCAR increased exports via BTC pipeline in 2010

Oil&Gas Materials 12 January 2011 16:19 (UTC +04:00)

Azerbaijan, Baku, Jan.12 / Trend, E.Ismayilov /

The State Oil Company of the Azerbaijan Republic's (SOCAR) Marketing and Economic Operations Department exported 27.27 million tons of oil in 2010 via the Baku-Tbilisi-Ceyhan (BTC) oil pipeline compared to 24.6 million tons in 2009, SOCAR stated in its report.

The BTC's total length is 1.768 kilometers, including a 443-kilometer section running via Azerbaijan, a 249-kilometer section passing via Georgia and a 1.076-kilometer traversing Turkey. Construction of the pipeline began in April 2003. The pipeline filled with oil on May 18, 2005.

About $4 billion were spent on construction. Filling the pipeline, financial expenses and bank interest payments have not been included in this sum. Financial credit amounts to $2.6 billion.

BTC Co. shareholders include: BP (30.1 percent); AzBTC (25 percent); Chevron (8.90 percent); Statoil Hydro (8.71 percent); ТРАО (6.53 percent); Eni (5 percent); Total (5 percent ); Itochu (3.40 percent ); Inpex (2.50 percent); ConocoPhillips (2.50 percent); and Amerada Hess (2.36 percent).