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Petronas interested in participation in TANAP, TAP (UPDATE)

Oil&Gas Materials 4 November 2015 15:43 (UTC +04:00)

Details added (first version posted on 13:13)

Baku, Azerbaijan, Nov. 4

By Maksim Tsurkov - Trend:

Petronas is interested in taking part in the projects for construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans-Adriatic Pipeline (TAP), Petronas' Azerbaijan country chair Zainal Abidin Zainudin said.

He made the remarks Nov. 4 speaking to reporters in Baku during the SPE Annual Caspian Technical Conference and Exhibition.

Zainudin further said the issue will be discussed with all the participants of the two projects.

"We are reviewing the accession to these projects, but there are no agreements yet," he said.

As a confirmation of their plans to deepen cooperation, Petronas and Azerbaijan's state oil company SOCAR signed in September an addendum to a memorandum of understanding.

Petronas currently holds a 15.5 percent share in a project for development of Azerbaijan's 'Shah Deniz' field, and another 15.5 percent share in the South Caucasus Pipeline.

The Malaysian oil and gas company also owns a 12.4 percent share in the Azerbaijan Gas Supply Company, which it bought from Norwegian Statoil.

Statoil, by the way, has announced its decision to sell a 20-percent share in the Trans-Adriatic Pipeline (TAP), estimated at about $400 million.

Petronas is a real candidate to buy Statoil's share to take part in TAP.

So far, aside from Statoil, TAP's shareholders include BP (20 percent share), SOCAR (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (five percent).

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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