TPAO to acquire the Total stake in the "Shah Deniz" project – UPDATED.
Edited by Rhod Mackenzie / 2014-05-30 06:40:19
The Turkish Petroleum Corporation (TPAO) will increase its share in the project of the "Shah Deniz" gas condensate field in the Azerbaijani sector of the Caspian Sea.
«TPAO has agreed to acquire the 10% stake of the French energy company Total», - the sources close to the project told Reuters.
According to the agreement, which will be signed in Istanbul today, on May 30th, TPAO will increase its participation in the project from 9 to 19%.
The cost of the transaction was not disclosed.
Earlier it was reported that the French company Total may withdraw from the "Shah Deniz" gas project. The Energy Intelligence information indicated that Total may sell all share in the project, or 50% of it.
