TPAO has found money to buy additional share in Shah-Deniz

Turkish TPAO has obtained a loan in the amount of $1 billion to increase its stake in the development of the Shah Deniz gas condensate field. The company signed agreements with two Turkish banks -Vakıfbank and Türkiye İş Bankası.

According to Turkish mass media, the signing of the loan agreement took place in the Ministry of Energy and Natural Resources of Turkey. Spoken at the signing ceremony, the Minister of Energy and Natural Resources Taner Yildiz noted that the company TPAO would become the second largest shareholder of the project after BP. According to him, Turkey has already received $265 million of the profit from the Shah Deniz project.