ExxonMobil acquires 2.5 pct stake in the BTC oil pipeline

   

"ExxonMobil became an owner of 2.5 percent stake in the BTC project in November 2017," Aygun Tanriverdiyeva, an ExxonMobil official in Baku, told Reuters.

   

"The company acquired the stake in the project from CIECO," she said without elaborating on details of the deal.

   

The BTC pipeline company operates the pipeline, which ships oil from Azerbaijan's major Azeri-Chirag-Guneshli (ACG) oilfields to Turkey via Georgia.

   

ExxonMobil is an owner of 6.79 percent stake in the Azerbaijan International Operating Company (AIOC) which produces hydrocarbons from the ACG fields, a project operated by British oil major BP .
   

Japanese Itochu has a 3.65 percent stake in the AIOC consortium and 3.40 percent stake in the BTC pipeline company.
   

ExxonMobil has closed one of its offices in Azerbaijan two years ago, but continued its business presense in ex-Soviet oil-rich country.
   

The closed office was linked to an oil production project on the Araz-Alov-Sharg oilfields in the Caspian Sea. The project is frozen until a decision is taken about the status of the Caspian Sea between Azerbaijan and Iran.

   

Japanese Itochu has a 3.65 percent stake in the AIOC consortium and 3.40 percent stake in the BTC pipeline company.

   

ExxonMobil has closed one of its offices in Azerbaijan two years ago, but continued its business presense in ex-Soviet oil-rich country.

   

The closed office was linked to an oil production project on the Araz-Alov-Sharg oilfields in the Caspian Sea. The project is frozen until a decision is taken about the status of the Caspian Sea between Azerbaijan and Iran.