TPAO willing to work in oil service sector in Azerbaijan

Oil&Gas Materials 28 July 2006 18:50 (UTC +04:00)

TPAO of Turkey announced its intention to operate in oil service sector of Azerbaijan, Turkish State Minister Mehmet Aydin told Trend.

TPAO has some plans on accessing Azeri oil market, in particular its construction and supply niche. В"In this connection some talks shall be held with officials of SOCARВ", said minister.

This issue, Aydin added, had been discussed this week at Azeri-Turkish intergovernmental commission for economic cooperation.

Further, State Minister said TPAO had invested $2.2bn in Azerbaijans economy.

According to TPAOs information, in 2005 total investments in Azeri oil&gas projects amounted $545.04mln. To repay its 6.8% stock in ACG project and, partially, SOCARs 10% stock, TPAO spent $357.31mln and $82.17mln in Shah Deniz, gave $25.38mln for construction of South Caucasian Pipeline and $118.3k for Araz-Alov-Sharg; BTC pipeline installation consumed $79.35mln and operating expenses amounted $687k.